Institutional interest in Ethereum is significantly rising, with BlackRock leading the way with its largest ETH purchase exceeding $300 million.
Record Investments by BlackRock in Ethereum
BlackRock executed a record purchase of ETH worth $300.9 million. This transaction highlights the increasing interest of institutional investors in Ethereum. Additionally, a new wallet accumulated $199.6 million worth of ETH in 48 hours.
ETH Futures Overtake Bitcoin
The volume of ETH futures reached $62.1 billion in 24 hours, slightly exceeding Bitcoin's $61.7 billion. Open interest for ETH also surged to $26 billion, signaling positive trends for ETH-oriented traders.
Whales Increase Their Positions in ETH
Whale data indicates that addresses holding over 10,000 ETH increased their holdings by 9.3% since October 2024, bringing total holdings to 41.06 million ETH.
Thus, the rise in institutional interest alongside whale activity points to changing dynamics in the cryptocurrency market as Ethereum's price approaches the $3,000 resistance level.
