BlackRock's significant reallocation of cryptocurrency holdings has sent ripples through the digital asset market as the world's largest asset manager transferred $561 million from Bitcoin to Ethereum in early June, signaling a strategic shift in institutional cryptocurrency positioning. The move has coincided with technical indicators suggesting the potential beginning of an "altseason," with Ethereum's performance against Bitcoin reaching critical breakout levels.
BlackRock executed the portfolio rebalancing between May 30 and June 2, transferring 5,362 BTC valued at approximately $561 million to Coinbase Prime while simultaneously acquiring 27,241 ETH worth $69 million. The Bitcoin sales aligned with substantial outflows from BlackRock's iShares Bitcoin Trust, which recorded $430.8 million in outflows on May 30 and an additional $130.4 million on June 2.

The rotation has not been limited to BlackRock alone. On August 5, both BlackRock and Fidelity executed substantial transfers to Coinbase Prime, with the combined movements totaling over $717 million in cryptocurrency. According to blockchain analytics firm Lookonchain, BlackRock transferred $664 million in ETH and BTC, while Fidelity moved 14,978 ETH worth $53.57 million to the exchange

ETH is doing well so will not be surprised if we reach ATH soon, but will just focus on doing DCA on B! tget using their Recurring buy feature as this gives an opportunity to earn $50 in $BGB

ETH is on its way to a new ATH, and tokens under its chain, like $PROVE, are making history after listing at a high price on CEXs like Bitget with a Candybomb event 66,666 PROVE reward pool

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ETH is now up 70% vs BTC in the last 3 months.