BlackRock, the world’s largest asset manager, recently made a huge splash in the crypto world, buying up a massive amount of Bitcoin (BTC) and Ethereum (ETH). This shows just how much big players in traditional finance are embracing crypto.
A Two-Day Shopping Spree
Over just two days, BlackRock reportedly spent around $750 million on BTC and ETH. This included:
- August 27th: Around $46 million in BTC (413 coins) and a whopping $342 million in ETH (73,864 coins).
- Before August 27th: Another $62.6 million in BTC (568 coins) and $292.6 million in ETH (65,901 coins).
This is a seriously big investment, and one of the largest single-day crypto purchases ever made by a traditional financial institution. It strongly suggests BlackRock believes in crypto’s long-term potential.
Whales Are Back
It’s not just BlackRock. Big crypto holders (“whales”) are also buying more BTC and ETH. According to Santiment, the number of wallets holding significant amounts of both cryptocurrencies is increasing, even with the recent price dips.
- Bitcoin: There are now 2,087 wallets holding at least 1,000 BTC (up 13).
- Ethereum: There are now 1,275 wallets holding at least 10,000 ETH (up 48).
This activity from wealthy investors suggests a possible shift in the market, indicating confidence despite current economic uncertainty.
Current Market Conditions
At the time of writing, BTC was trading around $113,182, and ETH around $4,573. While ETH’s trading volume was down slightly, BTC’s volume was up a bit. The overall market is still navigating some uncertainty, but these big buys are certainly a positive sign for crypto.