BlackRock Spot ETF Bought 19,070 ETH Worth $48.4 Million as ETH Shows Bullish Signal to Reclaim $4,000 Target

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BlackRock Spot ETF Bought

  • BlackRock Spot ETH bought 19,070 ETH worth $48.4 million. 
  • ETH accumulation grows strong as analysts expect ETH to reclaim $4,000 target soon.
  • ETH price pumping could lead to positive reactions in altcoins and altseason as well.

As Ethereum spot ETFs record a net inflow of $78.17 million, extending their streak to 11 consecutive days, BlackRock adds to the bullish accumulation. To highlight, BlackRock Spot ETF bought 19,070 ETH worth $48.4 million on June 2. This highlights BlackRock’s relentless accumulation of the pioneer altcoin Ethereum (ETH) as expectations for ETH price to pump increase by the day. 

BlackRock Spot ETF Bought 19.070 ETH Worth $48.4 Million 

Since the last bull cycle, institutional accumulation has increased significantly. Last bull cycle, the main player to trigger BTC accumulation on a large scale was the President of El Salvador, Nayib Bukele. Following in his footsteps was Michael Saylor, the CEO of Strategy, then called MicroStrategy. Between these two entities, a huge pile of the Bitcoin supply was already snatched up before this new bull cycle began. 

This bull cycle, more reputable financial institutions stepped up to the plate. The biggest of these is BlackRock, the world’s largest asset manager, managing trillions of dollars in assets, including BTC and ETH, most recently. As crypto investing boomed, BlackRock and other major players could no longer ignore the growing demand from their diverse and global clientele and had to heed the call. 

Since then, BlackRock has been relentlessly accumulating both Bitcoin and Ethereum, as these two assets promise greater stability and potential for growth in both the long and short terms than other crypto assets during that market. Mostly recently, Bitcoin ETFs have been experiencing heavy outflows, leading to a stark dip in the price of BTC. Although whale accumulation continues to keep BTC at high prices. 

https://twitter.com/Cointelegraph/status/1929749916596756972

Meanwhile, Ethereum Spot ETFs have seen their 11th consecutive day of hearty inflows with a total net inflow of $78.17 million, and BlackRock is adding to this number. As we can see from the post above, BlackRock Spot ETF bought 19,070 ETH worth $48.4 million on June 8. This huge accumulation takes place just as ETH price recovered seamlessly and prepares to reclaim its previous ATH price. 

ETH Eyes the Bullish $4,000 Price Target 

As we can see from the post above, this reputed analyst says that Ethereum’s bullish divergence has led to a good response in ETH price. He expects that another pump of over 54.8% to the upside is highly likely, leading the price of ETH to reclaim the $4,000 price target. In turn, this recovery could have a positive effect on altcoin prices as well. Is it finally time for altseason to arrive?

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