$298 mln Ethereum liquidated across 80K traders: Yet BlackRock keeps buying

• Ethereum dropped 9%, but whales and institutions aggressively bought the dip.
• BlackRock now holds 1.5M ETH, signaling long-term bullish sentiment.

Ethereum [ETH]’s market performance took a sharp hit on the 13th of June, plunging by 9% and liquidating $298 million across 80,000 traders.

Ethereum’s current market dynamics

While panic gripped much of the market, opportunistic investors saw value in the decline, scooping up ETH under the $2,500 mark.

The asset dropped from $2,771 to a low of $2,443 before stabilizing near $2,509.

Trade war anxieties fueled the broader sell-off, but a closer look reveals bullish undercurrents.

Open Interest surged to $35.22 billion in just 24 hours, with top exchanges like CME, Binance, Gate, and Bitget each seeing an average of $4 billion in ETH exposure.

This coincided with a modest recovery of ETH’s price to $2,538.66 at press time, up 0.37% according to CoinMarketCap.

Moreover, amidst heightened market volatility, a major Ethereum whale has signaled strong bullish conviction by opening a substantial $16.6 million long position.

BlackRock chooses Ethereum despite volatility

Despite these mixed signals, BlackRock, currently the largest asset manager globally with $73 billion in crypto exposure, has consistently bought Ethereum daily for over two weeks.

This follows BlackRock’s announcement about its goal to significantly expand influence across both public and private markets, with a plan to boost revenue from $20 billion in 2023 to over $35 billion by 2030.

If realized, this growth could further solidify BlackRock’s role in shaping institutional investment trends across traditional and crypto assets alike. 

This pattern of strategic buying from deep-pocketed entities suggests a long-term outlook that sees current price levels as an opportunity rather than a risk.

Execs weigh in

Remarking on the same, Jeremy noted, 

“BlackRock has been buying Ethereum every single day for the past two weeks. They’ve now accumulated $570M worth of $ETH. Smart money isn’t slowing down, they’re doubling down.”

As optimism continues to build around Ethereum, institutional accumulation has become increasingly evident.

Data from Arkham Intelligence reveals that BlackRock now holds over 1.5 million ETH, valued at approximately $3.83 billion, cementing its position as a dominant force in the Ethereum market.

In fact, SharpLink Gaming also recently purchased 176,271 ETH worth $463 million, positioning itself as the top publicly listed Ethereum holder.

Is ETH gearing up for a rally?

Additionally, ETH ETFs also saw inflows surging until June, and thus, the question arises: Is Ethereum poised for another rally?

Well, technical indicators like RSI and MACD are both below neutral levels, which points to lingering bearish pressure.

However, Lookonchain data revealed that whale accumulation of ETH, which points to growing bullish momentum ahead.

Source: Lookonchain/X

In conclusion, IntoTheBlock data further confirmed the upcoming bullish move as over 77% of ETH holders are currently in profit, which may reflect strong holder confidence and hint at potential upward momentum in the near term. 

Source: IntoTheBlock