Over 80,000 traders suffered liquidations worth $298 million in Ethereum, but BlackRock seems unfazed as they continue purchasing.
ETH Plummets, But Whales and Institutions Aren't Sweatiing It
Stinkin' Ethereum [ETH] took a nosedive on June 13, plummeting 9% and liquidating $298 million from over 80,000 traders. But fear not, crafty investors saw a golden opportunity and snapped up ETH like hotcakes for less than $2,500.
The Dynamic Ethereum Market
With panic looming in the market, opportunists swooped in, licking their chops at the descent of Ethereum. The asset plummeted from $2,771 to hit a low of $2,443 before stabilizing near $2,509.
Although trade war anxieties ignited the broader sell-off, a closer examination reveals bullish undercurrents. Open Interest skyrocketed to an astonishing $35.22 billion in merely 24 hours, with heavy hitters like CME, Binance, Gate, and Bitget each exposing themselves to an average of $4 billion worth of ETH.
These numbers are no joke, and the price of ETH upticked to $2,538.66 at the time of press, revealing a 0.37% increase according to CoinMarketCap.
Moreover, a sharp-eyed Ethereum whale took notice of the market volatility and showed strong conviction by securing a sizeable $16.6 million long position.
BlackRock Ignores the Noise and Plays it Cool
While BlackRock, the world's largest asset manager with a whopping $73 billion in crypto under control, can't be ignored. The money moguls have been steadily purchasing ETH for over two weeks. This relentless buying pattern follows BlackRock's ambitious plan to escalate their revenue from $20 billion in 2023 to an impressive $35 billion by 2030 – a move that could solidify their influence across both traditional and crypto markets.
Jeremy, an insider, weighed in, stating, "BlackRock's been buying Ethereum every single day for the past two weeks. They've now accumulated $570M worth of ETH. These aren't chumps – they're heavy hitters, and they're doubling down."
The Institutional Accumulation Wave
As optimism continues to build around Ethereum, institutional accumulation has become evident. Data from Arkham Intelligence indicates that BlackRock now possesses a staggering 1.5 million ETH, valued at approximately $3.83 billion – cementing their status as a dominant force in the Ethereum market.
In fact, SharpLink Gaming recently purchased an impressive 176,271 ETH worth $463 million, catapulting itself to the top spot as the most ethereum-loaded publicly listed enterprise.
Is ETH Set for Another Run?
On the one hand, technical indicators like RSI and MACD remain below neutral levels, indicating lingering bearish pressure. However, Lookonchain data reveals heightened whale accumulation of ETH, which points to growing bullish momentum ahead.
In conclusion, intoTheBlock data further confirmed an upcoming bullish move, as over 77% of ETH holders are currently in the green, which may signal strong holder confidence and hint at potential upward momentum in the near term.
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- Despite a 9% plunge in ETH, shrewd investors seized the opportunity to acquire Ethereum for less than $2,500, indicating that they view the asset as an opportunity rather than a cause for concern.
- The dynamic Ethereum market shows signs of institutional interest, with BlackRock, the world's largest asset manager, accumulating over $570 million worth of ETH in the past two weeks.
- As followers of BlackRock's ambition to increase their revenue from $20 billion in 2023 to $35 billion by 2030, it is apparent that the firm is aggressively investing in cryptocurrencies, particularly ETH.
- The growing purchase of Ethereum by institutions like BlackRock and other heavy hitters like SharpLink Gaming demonstrates that the crypto market, dominated by assets such as Bitcoin (BTC) and Ethereum (ETH), is not just for retail investors but also for large institutional players.
