The investment giant BlackRock unexpectedly returned to buying Ethereum just 24 hours after making a significant sale of over 8,000 ETH. Let's explore the reasons behind this turnaround.
Resumption of Ethereum Purchases
BlackRock surprised the crypto community by selling 8,172 ETH, breaking a 30-day accumulation streak. According to Lookonchain, the firm resumed its purchases the next day, buying 11,185 ETH worth $27.2 million.
Accumulation Strategy Amid Volatility
Analysts suggest that BlackRock’s actions reflect a portfolio rebalancing strategy rather than an abandonment of Ethereum. Investments in BlackRock's ETFs continued to grow, indicating positive trends among large investors.
Market Reaction to BlackRock's Actions
The market reacted to BlackRock's purchases with a 5.54% jump, and attention is now focused on the $2,700 level. Optimism is high, as analysts predict Ethereum may rise to $4,000.
Thus, BlackRock’s actions may indicate a long-term accumulation strategy, which continues to significantly influence the Ethereum market.
