- U.S. President-linked WLFI purchases $307M ETH/wBTC, sends to Coinbase Prime amid institutional accumulation trends.
- Analyst Michaël van de Poppe forecasts $20K ETH if bull market extends, citing prolonged altcoin bear cycles.
BlackRock, the world’s largest asset manager, acquired 100,535 Ethereum (ETH) valued at $276.2 million this week. The purchase supports its iShares Ethereum Trust (ETHA), a product tied to its proposed spot Ethereum ETF.
Public records show BlackRock now holds 1,352,934 ETH, worth approximately $3.71 billion. The firm manages $11.5 trillion in assets as of October 2023, per its financial disclosures.
Concurrently, World Liberty Financial (WLFI), a crypto initiative linked to the U.S. President, accumulated over $307 million in Ethereum and Wrapped Bitcoin (wBTC).
Blockchain analytics firm Arkham reported these assets were transferred to Coinbase Prime for custody. While WLFI’s exact strategy remains undisclosed, the move aligns with growing institutional interest in digital assets.
Ethereum’s price rose 12% this week, trading near $3,700 at publication. Analysts attribute the rebound to institutional buying and broader market optimism.
Crypto trader Michaël van de Poppe suggested Bitcoin and Ethereum could surpass prior peaks if the current rally persists.
During a strategy session on X, he projected Bitcoin reaching $500,000 and Ethereum hitting $20,000. “This cycle might extend beyond expectations” he stated, citing prolonged altcoin bear markets as a precursor to extended bullish phases.
BlackRock’s ETH accumulation follows its January 2024 SEC filing for a spot Ethereum ETF. Regulatory approval remains pending, but the firm’s purchases signal confidence in eventual clearance. Institutional inflows into Ethereum-based products totaled $78 million last week, according to CoinShares data.
Market observers note that Ethereum’s supply on exchanges has declined for nine consecutive months, per Glassnode metrics. Reduced exchange reserves often correlate with bullish sentiment, as investors move assets to long-term storage. However, Ethereum faces technical resistance near $3,800, a level it last tested in April.
I think that there's a significant chance that this cycle will be longer and go higher than everybody expects.
We've had the longest bear market on #Altcoins.
Why not have the longest, final bull market on them? #Bitcoin to $500,000 and #Ethereum to $20,000.
Sign me up.
— Michaël van de Poppe (@CryptoMichNL) January 30, 2025
Van de Poppe’s $20,000 ETH target hinges on Bitcoin maintaining upward momentum. Bitcoin’s dominance ratio, which measures its share of the total crypto market cap, currently sits at 54%, down from 58% in March. A continued decline could signal capital rotation into altcoins like Ethereum.
“I think that there’s a significant chance that this cycle will be longer and go higher than everybody expects. We’ve had the longest bear market on altcoins. Why not have the longest, final bull market on them? Bitcoin to $500,000 and Ethereum to $20,000. Sign me up.”
BlackRock’s actions reflect a broader trend among traditional finance firms. Since October 2023, eight institutions have filed for Ethereum ETFs, including Fidelity and Grayscale. Regulatory decisions on these applications are expected by late 2024.
