BlackRock has intensified its involvement in digital assets by acquiring $589 million worth of Bitcoin and Ethereum through Coinbase. This move comes at a time when the broader cryptocurrency market is showing signs of recovery and institutional participation is steadily increasing. The transactions highlight the growing confidence among large-scale investors in the resilience of crypto markets.
Significant Inflows in Bitcoin and Ethereum
Data from Onchain Lens, referencing Arkham, reveals that BlackRock received 4,044 BTC and 80,121 ETH over a three-day period. At current market values, this equates to approximately $354 million in Bitcoin and $235 million in Ethereum. The transfers were executed in large batches, including one notable transaction of 300 BTC alongside several Ethereum transfers within minutes. This accumulation marks one of the largest by any institutional ETF issuer this month and contrasts with earlier activity when BlackRock moved assets back to Coinbase rather than acquiring them.
Market Recovery Supports Institutional Demand
The timing of these inflows aligns with Bitcoin’s price rebound. At the time of reporting, Bitcoin was trading near $91,552 after a brief correction, showing strong buyer support around the $91,000 level. Ethereum also displayed renewed strength, trading at $3,022 with upward momentum and consolidation above $3,040 before a minor pullback. These price movements reflect broader market resilience following volatility earlier in the week, reinforcing the appeal of crypto assets for institutional investors.
ETF Flows Strengthen BlackRock’s Position
BlackRock’s ETF products have also seen notable inflows. On November 26, the IBIT ETF recorded $43 million in net inflows, outperforming competitors such as Fidelity’s FBTC, which faced $30 million in outflows. Grayscale’s GBTC saw a modest $5.63 million inflow. On the Ethereum side, BlackRock’s ETHA ETF attracted $50.22 million, far surpassing other issuers. Bitwise and Grayscale added smaller amounts, while Fidelity’s FETH showed little movement. These results confirm BlackRock’s dominance in ETF markets and its expanding footprint in digital asset exposure, supported by initiatives such as the launch of BUIDL on the BNB Chain.
Frequently Asked Questions (FAQs)
- What did BlackRock purchase recently?
BlackRock acquired $589 million worth of Bitcoin and Ethereum from Coinbase.
- How much Bitcoin and Ethereum were involved?
The firm received 4,044 BTC and 80,121 ETH over three days.
- Why is this significant for the market?
The inflows highlight institutional confidence and reinforce BlackRock’s leadership in crypto ETFs.
