New reports have revealed that BlackRock, the world’s largest asset manager and American multinational investment company, is now selling Bitcoin (BTC) to buy Ethereum (ETH). Many market watchers propose that this unexpected investment change could trigger a bullish rally for Ethereum, potentially catalyzing another altcoin season. 

BlackRock Dumps Bitcoin For Ethereum

Lookonchain, a blockchain analytics tool has uncovered a shocking new transaction executed by asset manager, BlackRock. In its official X (formerly Twitter) account, Lookonchain disclosed that BlackRock has recently sold off 182 BTC, valued at $11.34 million. 

Around the same period, the blockchain analytics tool recorded BlackRock purchasing 7,574 ETH tokens, worth approximately $18.52 million. This surprising development indicates a potential shift in BlackRock’s investment strategy, hinting at the investment giant’s newfound favor in Ethereum. 

As the world’s largest Bitcoin fund, BlackRock’s decision to dump Bitcoin for Ethereum comes as a shock to many crypto community members, with discussions flooding the space about the real reason behind the asset manager’s investment decision. 

According to some market watchers, BlackRock’s move is a reflection of its clients’ digital asset preferences, as the asset manager could be selling Bitcoin and buying Ethereum based on client requests. Other

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Author: Scott Matherson