BlackRock Fidelity Buy $148.5 Million Ethereum Amid Institutional Accumulation

BlackRock and Fidelity have made a significant move in the cryptocurrency market by purchasing 57,700 Ethereum, valued at $148.5 million. This acquisition is part of a broader trend of institutional accumulation of Ethereum, which has been steadily increasing. The purchase has sparked expectations that Ethereum could soon reach new all-time highs (ATHs).

The price of Bitcoin (BTC) has been steadily approaching its ATH price of $111,970, which was set at the start of the second quarter. This has led analysts to believe that new ATHs for Bitcoin are imminent, especially as the third quarter has begun with strong pump signals. Amidst this Bitcoin hype, the purchase of Ethereum by BlackRock and Fidelity has further fueled expectations of rising ATHs for Ethereum.

This bull cycle has seen an unprecedented level of institutional buying, with several globally recognized financial entities entering the market. During the last bull cycle, El Salvador's decision to make Bitcoin a legal tender sparked a race for Bitcoin accumulation. Many governments began to hold or accumulate Bitcoin, while others sold their holdings due to regulatory uncertainty. MicroStrategy, led by Michael Saylor, was one of the first major financial entities to heavily accumulate Bitcoin, setting a precedent for others to follow.

In this current bull cycle, entities like BlackRock, VanEck, and Fidelity have begun to accumulate Bitcoin at unprecedented levels, continuing to do so alongside El Salvador and MicroStrategy. However, what sets these institutions apart is their accumulation of Ethereum in addition to Bitcoin. This diversification strategy reflects their recognition of Ethereum's potential as a pioneer altcoin asset.

Financial institutions have reported high success rates in their Spot ETF offerings for both Bitcoin and Ethereum, indicating a continued accumulation of both assets. However, they also recognize that while Bitcoin will continue to pump, the probability of a significant pump may be lower compared to Ethereum. This aligns with cycle top price pump expectations for both crypto assets, with expectations for Bitcoin to hit a cycle top price between $250,000 and $350,000, and expectations for Ethereum to hit a cycle top price between $10,000 and $12,000. The potential profits from holding these assets could differ greatly based on their performance, with a huge parabolic move expected for the price of Ethereum.