BlackRock Becomes Ethereum Whale With $3.5B ETH in Holding

Investment asset management firm BlackRock is definitely out to beat its record. After the holidays, the asset manager becomes one of the biggest Ethereum (ETH) whales after copping 993,591.95 ETH. This is equivalent to $3.5 billion worth of the second-largest cryptocurrency by market cap. BlackRock Benefits from Spot Ethereum ETF BlackRock achieved this feat through its ETH Exchange Traded Fund (ETF) with the ticker ETHA. As of December 27, the firm’s Ethereum holding represents 0.12% of Ethereum’s total supply. Consequently, BlackRock has risen to become the world’s 12th-largest altcoin holder. This marks a laudable feat for a firm whose history with Ethereum began only this year. Contextually, the United States Securities and Exchange Commission (SEC) approved spot Ethereum ETF applications made by eight firms, including BlackRock, in July 2024 after a long wait . Ethereum Price Struggles Post-ETF Approval Since the approval of the funds, Ethereum has had a good time in terms of growth. In addition, Donald Trump’s victory in the last United States elections held in November also contributed to the price rally. At this writing, Ethereum traded at $3,313.42 after losing 1% of its 24-hour price gain. The altcoin has been stuck between critical psychological levels in the last few weeks. According to crypto analyst Rekt Capital, it has struggled to break above the $4,000 mark . The coin passed this threshold in the past and peaked at $4,077 on December 6. There are speculations that Ethereum could slip further down to the point of losing up to 10% of its current price level. BlackRock IBIT Records Largest Outflow BlackRock’s Bitcoin ETF has also recorded a lot of success this past few weeks, although it hit a roadblock recently. The iShares Bitcoin Trust ETF (IBIT) recorded its biggest outflow just a day before Christmas. This coincided with when the United States spot Bitcoin ETFs recorded four straight days of withdrawals, with over $1.5 billion missing. On Wednesday, IBIT made headlines because of a large outflow of $188.7 million . This was the largest that the fund had seen since its inception. In the coming weeks, which coincides with Donald Trump’s entry into office, the outlook of these funds may improve. The post BlackRock Becomes Ethereum Whale With $3.5B ETH in Holding appeared first on TheCoinrise.com .