BlackRock Moves $62M in BTC and ETH
Asset manager BlackRock transferred $62 million in Bitcoin and Ethereum through Coinbase Prime, according to a report by ambcrypto.com. The movement involved approximately 656.71 Bitcoin valued at $49.79 million and 5,150 Ethereum valued at $12.28 million. The transfers occurred as institutional demand showed signs of weakening across both assets, coinciding with recent negative exchange-traded fund flows.
According to the report, the transactions represent a minor fraction of BlackRock holdings. The firm tracks a portfolio holding roughly 787,349 Bitcoin valued at $60.15 billion and 3.556 million Ethereum valued at $8.68 billion. The underlying purpose of the recent wallet activity remains unclear, as subsequent transactions are needed to confirm whether the funds are supporting custodial services or exchange-traded fund operations.
Data cited by ambcrypto.com indicates that institutional exchange-traded fund holdings have maintained substantial volumes despite recent price declines. BlackRock funds IBIT and ETHA currently represent approximately 4% of total circulating Bitcoin supply and 3% of total circulating Ethereum supply. Recent weekly figures showed declining inflows and mounting outflows for both assets, driven by shifting investor sentiment following a United States Senate setback regarding the CLARITY Act.
Based on reporting by ambcrypto.com.
