This has emerged from new reports BlackRockthe world’s largest asset manager and American multinational investment company, now is Sell Bitcoin (BTC). to buy Ethereum (ETH). Many market watchers argue that this unexpected investment change could spark a bullish rally for Ethereum, potentially catalyzing another rally. altcoin season.
BlackRock dumps Bitcoin for Ethereum
Lookonchain, a blockchain analysis tool, has exposed a shocking new transaction executed by asset manager BlackRock. In its official X account (formerly Twitter), Lookonchain announced that BlackRock recently sold 182 BTC, worth $11.34 million.
Around the same period, the blockchain analytics tool recorded BlackRock purchasing 7,574 ETH tokens, worth approximately $18.52 million. This surprising development signals a possible shift in BlackRock’s investment strategy, signaling the investment giant’s newfound favor in Ethereum.
Like the the world’s largest Bitcoin fundBlackRock’s decision to ditch Bitcoin for Ethereum comes as a shock to many members of the crypto community discussions flooding the room on the real reason behind the asset manager’s investment decision.
According to some market watchers, BlackRock’s move is a reflection of its clients’ digital asset preferences, as the asset manager could sell Bitcoin and buy Ethereum based on client requests. Other members of the crypto community are to see BlackRock’s investment move is a sign that the price of ether could be gearing up for a substantial rally.
As the number one altcoin on the market with the largest market cap, a massive price rally for Ethereum would be possible trigger the long-awaited altcoin season. Historically, an Ethereum price rise paves the way for other altcoins in the market to see similar bullish gains.
While the market is already expecting a significant altcoin season bull cycleBlackRock’s unexpected investment action stimulates the economy speculation on the market about a possible Ethereum price increase outperform Bitcoin.
At the time of writing, BlackRock’s company reveals a strong preference for Bitcoin in terms of value. Data from Lookonchain shows that BlackRock holds approximately 369,640 BTC, worth an impressive $23.02 billion. By comparison, investment giant Ethereum’s holdings amount to 414,168 ETH, worth approximately $1.01 billion, highlighting a major difference in the allocation between the two leading cryptocurrencies.
Analyst Says Altcoin Season Is About to Start
Numerous analysts in the crypto market are express optimism about the long-awaited altcoin season. A popular Bitcoin and crypto analyst identified as ‘Mustache’ on revealed that the altcoin seasonal index has formed a particularly bullish pattern over the past 3.5 years, suggesting that altcoins could be on the verge of a significant price increase.
He revealed that this technical analysis pattern is known as the ‘Inverse Head and Shoulder’, which often indicates a possible shift from a downtrend to an uptrend. The analyst is optimistic that the current market downturn will soon be replaced by strong growth in the economy altcoin marketin anticipation of a longer period of price gains.
Featured image created with Dall.E, chart from Tradingview.com