JUST IN: BlackRock Buys 100,535 ETH Worth $284.92 Million, as Fidelity Purchases 9,552.99 ETH Worth $26.39 Million

BlackRock and Fidelity's latest purchases reinforce the crypto bulls' sentiments toward an impending bull run.

BlackRock purchased 100,535 ETH on Wednesday morning, an amount valued at $284.92 million, according to a cryptocurrency transactions tracker. X also reported that Fidelity bought 9,552.99 ETH, worth $26.39 million, soon after BlackRock’s purchase.

BlackRock is a top-tier asset management company provider. A cryptocurrency transactions tracker posted about BlackRock’s latest acquisition on X.

BlackRock bought 100,535 ETH on Wednesday, an amount valued at $284.92 million, according to a cryptocurrency transactions tracker. X also reported that Fidelity bought 9,552.99 ETH, worth $26.39 million, soon after BlackRock’s purchase.

The massive ETH purchases happened within a volatile week for digital assets when Ethereum’s price plunged alongside other cryptocurrencies following the revised international trade policies. ETH tumbled to a $2,150 low on Monday before rebounding quickly within the same trading day. However, the price stalled midway into the recovery as some US trade partners opened negotiations with the current administration.

ETH’s price rallied after the massive purchases, with the cryptocurrency gaining 3.3% in a few hours. The altcoin resumed its climb after declining almost 9% during Tuesday’s trading session. Many retail traders believe that a dip in digital asset prices presents an opportunity to buy more during a bull run.

BlackRock and Fidelity’s latest purchases could signal an impending bull run, according to crypto bulls. Many crypto proponents are hopeful that an altcoin season will kick off soon because of the developments within and around the crypto sector following Donald Trump’s return as the President of the United States.

The events of the past weekend and its impact on the crypto market had many crypto users believing that Trump’s long-term policies will favor the crypto industry. They believe the structures he has set up, including those in the crypto executive order, will deliver a crypto-friendly environment with better regulations to promote adoption.

ETH traded for $2,774 at the time of this writing, according to data from TradingView.

Despite the slight recovery, the altcoin’s technical outlook remained bearish. However, crossing above $3,000 will flip users’ sentiment toward Ethereum and boost investors’ confidence in the crypto market’s potential for an altcoin season.