This development sparked mixed reactions among market watchers and crypto trading enthusiasts.
Some market analysts believe this indicates BlackRock's long-term bullish outlook on ETH's potential to deliver higher yields. If this trend continues, ETH price could rise above the $2,600 barrier by the end of October.
But some warn that BlackRock's activities may be tied to client-driven ETF trading rather than a broader strategic shift.
Commenting on this trend, Kevin Oakeson, CEO of HMNBRDNetwork, highlighted the difference between asset managers' operational decisions and client-driven portfolio movements.
“It is important to distinguish between products held for clients through ETFs and actual long-term strategic positions.What we see at BlackRock is probably more influenced by client demand than anything else. ” – Kevin Oakeson, via X, October 11, 2024.
Despite these discussions, BlackRock's portfolio remains heavily biased toward Bitcoin, with 369,640 BTC (valued at $23.02 billion). The company's Ethereum holdings are 414,168 ETH, equivalent to a more modest $1.01 billion.
“It's important that people understand that what is bought and sold in a financial instrument and what is held on a company's balance sheet are two very different things. ETFs are They are supported by the people who buy and sell those goods and are not really of their choosing.
– Kevin Oakeson, HMNBRDNetwork CEO, via X/KO_Markets | October 11, 2024.
BlackRock's cryptocurrency holdings remain highly skewed. As of writing on October 12th, BlackRock holds approximately 369,640 BTC, worth a whopping $23.02 billion.
