Ethereum Price Drops as Major Asset Managers Sell, BlackRock Buys

Recent sales of Ethereum by Fidelity Investments, Grayscale Investments, and VanEck have triggered a significant price decline for the cryptocurrency. However, BlackRock’s purchase of $150 million in ETH stands out, highlighting contrasting investment strategies within the market. This move has significantly impacted the Ethereum market, as well as related Layer 2 solutions and DeFi governance tokens. The sell-off led to notable outflows from key ETFs, with Bitcoin seeing inflows during this period.