In June 2023, BlackRock demonstrated notable activity in the crypto market by actively accumulating Ethereum. This has sparked significant interest among institutional investors.
BlackRock's Active Ethereum Accumulation
Throughout June, BlackRock acquired over $750 million in Ethereum without a single recorded sell. Traders and analysts are monitoring this activity, noting that 'BlackRock is aggressively loading up on ETH—over $750M worth of ETH accumulated in June alone.'
Institutional Investment Strategy
BlackRock's approach to accumulating Ethereum showcases consistency and calculation. The exclusive use of Coinbase Prime as a custody solution confirms the institutional nature of the acquisition. The characteristics of these trades suggest that the company is preparing for potential regulatory shifts and increased market participation.
Growth of Ethereum Network and New Audience
The Ethereum network shows significant growth, with between 800,000 and 1 million new wallets created each week since mid-May. This reflects increasing interest from both retail and institutional users.
In summary, BlackRock's Ethereum accumulation and the impressive growth of the network indicate potential changes in institutional strategy and interest in crypto investments.
