The largest asset manager in the world is buying the Ethereum dip to custody funds for its ETH-based exchange-traded fund (ETF).
BlackRock, the world’s largest asset manager, has added 100,535 ETH to its iShares ETHA product, according to data from the company.
With the recent purchase, BlackRock now holds a total of 1,352,934 ETH, valued at approximately $3.71 billion at the time of writing. The financial giant's total assets under management amounted to roughly $11.5 trillion in October of last year.
Moreover, on-chain data reveals that the President of the United States’ crypto project World Liberty Financial (WLFI) also appears to be accumulating Ethereum.
According to Arkham, a blockchain “de-anonymizing” platform, WLFI purchased over $307 million worth of ETH and Wrapped Bitcoin (wBTC) and sent it to Coinbase Prime for management purposes.
Recently, crypto trader Michaël van de Poppe shared his analysis with his 768,800 followers on X, suggesting that if the current bull market extends beyond expectations, Bitcoin (BTC) and Ethereum (ETH) could reach new all-time highs.
The analyst specifically mentioned a price target of $20,000 for ETH.
“I think that there’s a significant chance that this cycle will be longer and go higher than everybody expects. We’ve had the longest bear market on altcoins. Why not have the longest, final bull market on them? Bitcoin to $500,000 and Ethereum to $20,000. Sign me up.”
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