This development has sparked mixed reactions from market observers and crypto trading enthusiasts.

Some market analysts believe this is a sign that BlackRock is bullish on ETH's long-term potential to deliver higher returns. If this trend continues, ETH price could rise above $2,600 by the end of October.

But others warn that BlackRock's activities may be more tied to client-driven ETF operations than a broader strategic shift.

Commenting on this trend, Kevin Oakeson, CEO of HMNBRDNetwork, highlighted the difference between asset manager operational decisions and client-driven portfolio movements.

“It is important to distinguish between products held for clients via ETFs and actual long-term strategic positions. What we see at BlackRock is probably driven by customer demand more than anything else.” – Kevin Oakeson, via X, October 11, 2024.

Despite these discussions, BlackRock's portfolio remains heavily weighted towards Bitcoin, holding 369,640 BTC (worth $23.02 billion). His Ethereum holdings total a more modest $1.01 billion at 414,168 ETH.

“It is important for people to understand what is being bought and sold for their financial products and what they are holding on the company balance sheet – two very different things. The ETF is driven by people buying and selling these products and not really by their decision.

– Kevin Oakeson, CEO, HMNBRDNetwork, via X/KO_Markets | Oct 11, 2024.

BlackRock's crypto holdings remain heavily skewed in this direction. At the time of writing on October 12, BlackRock holds approximately 369,640 BTC, worth an impressive $23.02 billion.