BlackRock Shifts Investments from Bitcoin to Ethereum Amid Market Volatility
- BlackRock liquidated approximately 272.4 BTC, valued at about $28.36 million, into Coinbase Prime.
- The firm simultaneously withdrew around 12,098 ETH worth roughly $45.47 million from the same platform.
- Total liquidations in the crypto market exceeded $1 billion within a single day, with Bitcoin contributing $369 million and Ethereum $262 million.
- Grayscale’s funds for both Bitcoin and Ethereum experienced outflows, while BlackRock was the only issuer to see inflows in ETH.
- Ethereum’s price fell about 13% over the past week, currently standing at approximately $3,800.
BlackRock’s recent moves indicate a strategic shift towards Ethereum amidst rising volatility in the crypto market, as institutional demand for ETH appears to be increasing despite broader declines.
The firm’s liquidation of Bitcoin and acquisition of Ethereum reflects changing investment strategies during turbulent times, highlighted by significant liquidations totaling over $1 billion across the market. (Source)
