I woke up this morning ready to accept the normal crypto rollercoaster but what I did not anticipate was that BlackRock the largest asset manager in the world had made a huge move in the background of crypto market selling some of their Bitcoin and putting it all in (well, kind of) on Ethereum.

On-chain data shows that they have dumped +1,200 BTC (currently about $130M) over Coinbase Prime and simultaneously acquired 27,000+ ETH or about $95M-130M on price slippage.

So, what will happen now in the blockchain that is the real question.

My thought on this is BlackRock is not simply divesting to invest elsewhere- they are positioning themselves in the future. Bitcoin is awesome digital gold, rock steady, and boringly dependable. But Ethereum? The action on Ethereum are far better that BTC such as smart contract, staking rewards, DeFi, NFT, real-world assets you name it. In the case of ETH, it has gone through a transformation as institutions currently view it as infrastructure after being that gas-fee nightmare.

Not to mention that as the SEC provided a regulatory green light to ETH staking and ETH spot ETFs got stronger momentum this transition is not only audacious but also clever.

Is that the end of Bitcoin?  I think there is no way it will die as people have more faith in it. However, it does imply that even the oldest of financial heavy-hitters are placing huge wagers on the future prospects of Ethereum. And when BlackRock is paying this much attention to ETH… perhaps the rest of us should do the same.