BlackRock’s $8.65M ETH Buy Sparks Market Buzz
The post BlackRock’s $8.65M ETH Buy Sparks Market Buzz appeared on BitcoinEthereumNews.com.
BlackRock’s $8.65M ETH buy is a major institutional signal. ETH shows bullish momentum with strong technical support. Trading volumes and on-chain metrics confirm increased interest. In a major signal of growing institutional trust in digital assets, BlackRock has purchased $8.65 million worth of Ethereum (ETH) through Coinbase, according to a tweet by Crypto Rover on May 19, 2025. This strategic buy, which took place when ETH was trading at about $3,100, gives Ethereum’s upward run some serious push. ETH is already up 2.3% over the past 24 hours, and volume is through the roof on exchanges. This is not an ordinary purchase, it’s a power play by the world’s largest asset manager and a firm signal that institutional demand for crypto continues to be strong despite current market volatility. Institutional Impact and Broader Market Correlation BlackRock’s Ethereum move is one that resonates outside of the crypto world. The S&P 500 closed 0.5% higher on May 18, 2025, and the Nasdaq was up 0.7%, reflecting a pervasive “risk-on” attitude. Historically, conditions such as these witness higher flows into risk assets such as crypto. The timing of this ETH purchase couldn’t be better with regard to market optimism. This strategic purchase also influences related financial products. Coinbase (COIN), where the buy was initiated, had its share rise 3.2% to $225.50. Even MicroStrategy (MSTR), one of the larger crypto-exposed stocks, rose 2.1% to $1,450, indicating a spill-over effect in crypto-related shares. Derivatives and Market Action The ETH/USDT pair on Binance saw 18% of its volume surge to $1.2 billion just hours after the announcement. Similarly, ETH/BTC on Kraken gained 1.5% at 0.052 BTC, highlighting the relative strength of Ethereum. Open interest in ETH futures on CME increased by 5% to $1.8 billion, indicating that traders are positioning for possible upside. This institutional influx…
Filed under: News - @ May 19, 2025 11:19 am