Bullish Sign for Crypto? BlackRock’s Million Worth BTC Purchase
Blackrock, the world’s largest asset manager, has attracted great attention from crypto enthusiasts amidst ongoing market uncertainty due to recent investments. Today, on February 12, 2024, blockchain-based security intelligence company Arkham released Blackrock on X (formerly Twitter), which has invested millions of dollars Bitcoin (BTC) and Ethereum (ETH).
BlackRock’s investment in Bitcoin and Ethereum
According to the Post, the asset management giant bought 250 BTC, worth $24 million and 4.845K ETH for $12.63 million, suggesting an ideal buying opportunity and embodying a “buy immersion” strategy.
Through recent purchases, Blackrock now holds $56.1 billion worth of BTC and $3.5 billion worth of ETH, highlighting the significant value of these two top crypto assets.
This famous BTC and ETH purchase is because the overall crypto market sentiment seems to be shifting and prices are starting to recover. At press time, BTC was trading close to $96,780, experiencing a 2% uptrend, while ETH was trading close to $2,670, up more than 3% in the past 24 hours.
Trader’s emotions turn to long positions
As prices begin to recover, traders are increasingly betting, as Chain Analytics reveals Small shop.
At press time, traders holding long positions were valued at $94,000 with a long position worth $1.01 billion. Instead, traders holding short positions are valued at $98,000 for a short position worth $700 million. This data clearly defines the current support and resistance levels of BTC.
These bullish bets are also observed in ETH. The data show that traders holding long positions have a high leverage of $2,620 and have nearly $300 million in ETH long positions. Meanwhile, $2,685 is another level of over-leverage where traders who hold short-term positions have $93.5 million worth of positions, which also demonstrates true intraday support and resistance levels.
These data not only show that traders are growing interest and confidence in assets, but also emphasize the shift in market sentiment.
