BlackRock bought 41,790 ETH worth $128.3M this weekend, we are not bullish enough.
According to Whale Insider on Twitter, BlackRock has been buying ETH during the weekend, and they made two big purchases (at least that we know about). Yesterday, February 1, they bought 17,261 ETH, and on January 31 they acquired another 24,529 ETH. Within two days, BlackRock accumulated at least 41,790 ETH valued at $128.3 million in total.
These purchases come at a time when market sentiment around ETH is very bearish. The fact that institutions are buying in bulk while prices are low makes me wonder about potential market manipulation. Are they intentionally keeping prices low to accumulate more? It also feels like they are moving from Bitcoin to Ethereum, if that's the case a big price move could be coming.
$128.3 million is nothing but pocket change for BlackRock, there's a lot more where that came from for sure. And they would not be doing these buys if they did not see the long-term value of Ethereum. That is another sign that large scale confidence in ETH is growing. However, despite institutional confidence in Ethereum keeps growing, retail investors are not convinced. Many small investors sell in fear, while the giants quietly stack ETH.
I think BlackRock knows something we don't, we should all pay attention.
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