BlackRock Rotates Capital from Bitcoin to Ethereum
BlackRock's cryptocurrency portfolio has seen significant changes over the past 37 days. According to on-chain data from Arkham Intelligence, the company's investors sold 3,710 BTC and bought 196,340 ETH during this period.
The sale of Bitcoin resulted in a decline in holdings by 0.5%, but the price increase led to an overall value surge of $2.67 billion in the portfolio, which now stands at approximately $47.35 billion.
On the other hand, BlackRock's Ethereum Trust ETF (ETHA) has seen its holdings increase by over 7% from 2.77 million on July 1 to around 2.97 million, with a value of $5.54 billion at press time.
The price of Ethereum has been trading at $1,868, and analysts suggest that if investors continue to accumulate Ethereum while selling Bitcoin, the ETH/BTC pair could rally towards 0.0312.