BlackRock Moves $195M in Ethereum and $101M in Bitcoin Amid ETF Activity
- BlackRock transferred a total of $297 million to Coinbase Prime, including 900 BTC worth $101.67 million and 44,774 ETH valued at $195.29 million.
- The BlackRock Bitcoin ETF (IBIT) saw inflows of $25.48 million, increasing its assets under management to over $90 billion.
- In contrast, the BlackRock Ethereum ETF (ETHA) experienced outflows of $192.7 million on the same day, marking one of its largest single-day redemptions.
- Fidelity’s FETH ETF recorded inflows of $75.15 million amidst BlackRock’s withdrawals, indicating ongoing demand for Ethereum ETFs.
- Despite heavy outflows from ETHA, Ethereum’s price rose by 1.11%, closing at approximately $4,351.
- Over the past six months, Ethereum has gained 128%, while Bitcoin increased by 34.6%.
The contrasting performances of BlackRock’s Bitcoin and Ethereum ETFs reflect diverging institutional sentiment towards these digital assets.
The significant inflow into IBIT alongside ETHA’s outflow highlights a cautious approach among institutions regarding Ethereum, despite its recent price strength.
As institutions navigate their exposure to cryptocurrencies, BlackRock’s movements underscore a notable shift with IBIT attracting capital while ETHA faces redemption pressures.(Source)
