BlackRock Selling Bitcoin for Ethereum: Will This Spark Another Altcoin Season?
New reports have revealed that BlackRock, the world’s largest asset manager and American multinational investment company, is now selling Bitcoin (BTC) to buy Ethereum (ETH). Many market watchers propose that this unexpected investment change could trigger a bullish rally for Ethereum, potentially catalyzing another altcoin season.
BlackRock Dumps Bitcoin For Ethereum
Lookonchain, a blockchain analytics tool has uncovered a shocking new transaction executed by asset manager, BlackRock. In its official X (formerly Twitter) account, Lookonchain disclosed that BlackRock has recently sold off 182 BTC, valued at $11.34 million.
Around the same period, the blockchain analytics tool recorded BlackRock purchasing 7,574 ETH tokens, worth approximately $18.52 million. This surprising development indicates a potential shift in BlackRock’s investment strategy, hinting at the investment giant’s newfound favor in Ethereum.
As the world’s largest Bitcoin fund, BlackRock’s decision to dump Bitcoin for Ethereum comes as a shock to many crypto community members, with discussions flooding the space about the real reason behind the asset manager’s investment decision.
According to some market watchers, BlackRock’s move is a reflection of its clients’ digital asset preferences, as the asset manager could be selling Bitcoin and buying Ethereum based on client requests. Other crypto community members are seeing BlackRock’s investment move as a sign that the price of Ethereum could be gearing up for a substantial rally.
As the number one altcoin in the market with the largest market capitalization, a massive price rally for Ethereum could potentially trigger thelong-awaited altcoin season. Historically, a price increase in Ethereum paves the way for other altcoins in the market to see similarly bullish gains.
With the market already expecting a significant altcoin season in this bull cycle, BlackRock’s unexpected investment move is fueling speculation in the market about a potential Ethereum price surge that could outperform Bitcoin.
As of writing, BlackRock‘s holding reveals a strong preference for Bitcoin in terms of value. Data from Lookonchain reveals that BlackRock holds approximately 369,640 BTC, valued at an impressive $23.02 billion. In comparison, the investment giant Ethereum’s holdings amount to 414,168 ETH, with a value of around $1.01 billion, highlighting a stark difference in the allocation between the two leading cryptocurrencies.
Analyst Says Altcoin Season About To Kick In
Numerous analysts in the crypto market are expressing optimism about the highly anticipated altcoin season. A popular Bitcoin and crypto analyst identified as ‘Moustache’ on X has disclosed that the altcoins season index has been forming a particularly bullish pattern for the past 3.5 years, suggesting that altcoins could be on the verge of a significant price increase.
Source: X
He disclosed that this technical analysis pattern is known as the “Inverse Head and Shoulder,” which often indicates a potential shift from a downtrend to an uptrend. The analyst is optimistic that the present market downturn will soon be replaced by strong growth in the altcoin market, anticipating an extended period of price gains.
ETH price maintaining support above $2,400 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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