BlackRock, the world’s largest asset manager, has recently made headlines in the crypto world with its significant investments in Bitcoin (BTC) and Ethereum (ETH). According to a recent post by blockchain-based security intelligence firm Arkham on X (formerly Twitter), BlackRock has purchased 250 BTC worth $24 million and 4.845k ETH for $12.63 million. This move by BlackRock showcases the firm’s confidence in the long-term potential of these two top crypto assets.
With this latest acquisition, BlackRock now holds a substantial amount of $56.1 billion worth of BTC and $3.5 billion worth of ETH, underlining the immense value these digital assets hold in the current market.
The timing of BlackRock’s investment in Bitcoin and Ethereum is particularly interesting as the overall sentiment in the crypto market appears to be shifting. As of today, BTC is trading near $96,780, up by 2%, while ETH is trading near $2,670, experiencing a price surge of over 3% in the last 24 hours.
Traders seem to be increasingly optimistic about the market, with many taking long positions, as indicated by data from on-chain analytics firm Coinglass. At present, traders holding long positions in BTC are over-leveraged at the $94,000 level, with $1.01 billion worth of long positions. On the other hand, short positions are over-leveraged at the $98,000 level, with $700 million worth of short positions, defining the current support and resistance levels for BTC.
Similar bullish sentiment is observed in ETH, with traders holding long positions over-leveraged at the $2,620 level, totaling nearly $300 million worth of ETH long positions. Conversely, short positions in ETH are over-leveraged at the $2,685 level, with $93.5 million worth of positions, indicating the intraday support and resistance levels for ETH.
These data points not only reflect traders’ growing confidence in Bitcoin and Ethereum but also signal a shift in market sentiment towards a more positive outlook. As BlackRock continues to make significant investments in the crypto space, it will be interesting to see how this impacts the overall market dynamics in the coming days and weeks.