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BlackRock's $37M Crypto Bet: BTC, ETH Surge Amidst Shifting Sentiment

Coin WorldWednesday, Feb 12, 2025 2:58 pm ET

1min read

BlackRock, the world's largest asset manager, has recently made headlines in the crypto community with its multi-million dollar investments in Bitcoin (BTC) and Ethereum (ETH). On February 12, 2024, blockchain-based security intelligence firm Arkham announced on X (formerly Twitter) that BlackRock had purchased a significant amount of BTC and ETH.

According to the post, BlackRock acquired 250 BTC worth approximately $24 million and 4.845k ETH for around $12.63 million. This purchase suggests an ideal buying opportunity and exemplifies the "Buy the Dip" strategy. With this recent investment, BlackRock's holdings in BTC and ETH have increased to $56.1 billion and $3.5 billion, respectively, highlighting the significant value of these two top crypto assets.

This notable purchase comes as the overall crypto market sentiment appears to be shifting, with prices beginning to recover. At the time of writing, BTC is trading near $96,780, having experienced a 2% upside momentum, while ETH is trading near $2,670, with a price surge of over 3% in the past 24 hours.

As prices recover, traders are increasingly betting on the long side, as indicated by on-chain analytics firm Coinglass. At the time of writing, traders holding long positions are over-leveraged at the $94,000 level, with $1.01 billion worth of long positions. Conversely, traders holding short positions are over-leveraged at the $98,000 level, with $700 million worth of short positions. This data clearly defines the current support and resistance levels for BTC.

Similar bullish bets are observed in ETH as well. Data reveals that traders holding long positions are over-leveraged at the $2,620 level, with nearly $300 million worth of ETH long positions. Meanwhile, $2,685 is another over-leveraged level, where traders holding short positions have $93.5 million worth of positions, indicating the true intraday support and resistance levels.

This data not only indicates traders' rising interest and confidence in the asset but also highlights shifts in market sentiment. BlackRock's investment in BTC and ETH

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.