BlackRock Buys $80M in Ethereum as ETH Tests $2.8K Ceiling

Key Insights:

• BlackRock purchased 30,084 ETH worth $80.6M, fueling speculation of a bullish institutional pivot into Ethereum.
• Ethereum price hit a 15-week high of $2,827, pushing against the key $2,800 resistance zone after a 10% weekly surge.
• Futures and options markets show $1.8B in shorts risk liquidation above $2,900, while $2.6K long liquidations remain exposed.

Ethereum hit a 15-week high as BlackRock scooped $80.6 million in ETH. Traders now watch for a $3,000 breakout, with bulls eyeing $4,000 and short liquidations piling up.

BlackRock Enters the Fray as Ethereum Climbs Toward $3K

Ethereum (ETH) entered the second week of June with its most aggressive push in over three months. The token rallied to $2,827 on June 10, marking a 15-week high and putting $3,000 in sight for the first time since Feb.

The rally came just as BlackRock reportedly bought 30,084.39 ETH worth $80.6 million, according to Whale Insider and Crypto Rover. The timing of the purchase, as ETH trades near its macro range high, fueled speculation that institutional interest may now be favoring Ethereum ahead of its ETF narrative.

Lookonchain noted that Ethereum’s trading range between $2,300 and $2,800 lasted over a month. A daily close above $2,700 would mark its highest closing since Feb. 24. As the price tests this resistance, the market’s leveraged positioning hints at an inflection point.

Futures Open Interest Hits $40B, Shorts Face $1.8B Risk Above $2.9K

Ethereum futures open interest crossed $40 billion for the first time, signaling high leverage in the derivatives market. Data from CoinGlass shows that $2 billion in long positions remain vulnerable at $2,600. However, $1.8 billion in shorts face liquidation above $2,900, suggesting potential volatility if bulls force a breakout.

The options market also shows a bias toward bullish structures ahead of the June 27 expiry. According to Deribit Insights, 63% of all open ETH options are calls, while 92% of put options are concentrated below $2,700. These contracts would expire worthless if ETH maintains its current level.

Despite the rise in downside protection strategies—such as short risk reversals and bear diagonal spreads—the market remains skewed toward neutral-to-bullish outcomes. Traders appear to hedge against sharp drops while positioning for moderate gains.

Whales Book $31M in Profit While BlackRock Enters

While BlackRock’s ETH purchase dominated headlines, other large holders continued rotating positions. A single whale made headlines after locking in $7.3 million profit by selling 30,000 ETH via OTC on June 10. The sale followed a $75.56 million ETH purchase on May 27.

The same wallet had earlier acquired ETH at $1,830 via Wintermute on Apr. 27, then exited at $2,621 on May 22 for $78.63 million. Across three trades, the whale booked a combined profit of over $31 million in just 44 days.

This aggressive trading contrasts with BlackRock’s apparent long-term buy-and-hold posture. Analysts now debate whether institutional flows will continue supporting ETH as spot ETF approvals inch closer.

ETH Bulls Target $4K as Traders Watch $2.8K Break

Traders remain optimistic. Ted posted that ETH is pressing against key $2,800 resistance, eyeing a potential $4,000 breakout later in June. Another user, Ian Heinisch, suggested a $1,000 ETH giveaway if the token breaks $3,000 this week.

Ethereum has gained over 49% since May. In contrast, Solana (SOL) is up 8% and XRP just 2% in the same period. This outperformance could place ETH under pressure if the United States Securities and Exchange Commission greenlights ETFs for competing altcoins.

For now, momentum remains on Ethereum’s side. A clean break of $2,800 could push short liquidations past $1.8 billion and give bulls the upper hand.

Network Growth and DeFi Dominance Support the Rally

The number of unique Ethereum addresses hit 17.4 million in early June, according to growthepie. Address activity rose 70.5% in Q2, with the Base network accounting for over 72% of growth. Ethereum’s mainnet still secured nearly 15% of active wallet engagement.

Ethereum also maintains a 61% share of the total value locked in DeFi, worth roughly $66 billion. However, reduced network fees—only $43.3 million over the last 30 days—have lowered staker yields. Rollup adoption and EIP-4844 blob integration continue to impact fee generation.

Despite lower fees, Ethereum’s core metrics remain strong. High address activity, increased leverage, and ETF expectations form a backdrop that could push ETH to test and possibly break the $3,000 barrier—triggering $4,000 as the next psychological target.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.