ARKM: Blackrock Continues to Buy Bitcoin and Ethereum Despite Headwinds

IconCryptoNewsTerminal Staff01 Aug, 2024

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ARKM: Blackrock Continues to Buy Bitcoin and Ethereum Despite Headwinds

Blockchain analytics firm ARK (ARKM) recently observed on Twitter that even after a 10% drop in Bitcoin's price, a $2 billion ETH dump by Grayscale, and escalating geopolitical tensions in the Middle East, Blackrock has continued to accumulate both Bitcoin (BTC) and Ethereum (ETH). Blackrock is one of the world's largest asset managers, with over $10 trillion in assets under management, so its activity in the crypto market is closely watched by investors. The firm's continued accumulation of BTC and ETH suggests that it is still bullish on the long-term prospects of cryptocurrencies, despite the recent volatility. In an interview, ARK CEO Katie Stockton said Blackrock's interest in cryptocurrencies is "a sign that institutional investors are starting to take cryptocurrencies more seriously." If this trend continues, it could be a major catalyst for the crypto market in the years to come.

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