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The investment firm BlackRock has transferred 612 bitcoins valued at approximately $41 million and 68,567 ethers worth $140 million to the trading platform for institutional investors, Coinbase Prime, as reported by Arkham Intelligence.
The transfer of assets to Coinbase may not be linked to the sale of cryptocurrencies; however, it has garnered attention from analysts amid a downturn in the cryptocurrency market: bitcoin has fallen below $66,300, while ether has dropped to $1,989. Over the course of a day, the total market capitalization of cryptocurrencies decreased by 3.6%, reaching $2.2 trillion.
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The demand for BlackRock’s cryptocurrency exchange-traded funds (ETFs) remains inconsistent. In the past three days, the iShares Bitcoin Trust (IBIT) experienced a capital outflow of $117 million, although prior to that, it had seen an inflow of $161 million. Consequently, the net inflow into BlackRock’s fund over the week amounted to $44 million. The total net inflow into IBIT since its launch in January 2024 has surpassed $63 billion.
Regarding another BlackRock fund linked to ether, the iShares Ethereum Trust, approximately $214 million was withdrawn from it this week. This sharply contrasts with the steady inflow of funds into the iShares Staked Ethereum Trust (ETHB), which was recently launched by the same company. The new fund offers staking rewards to its shareholders and attracted over $15.5 million on its first trading day.
Recently, senior analyst Eric Balchunas from Bloomberg Intelligence estimated that all bitcoin ETFs have attracted a total of $2.5 billion in capital over the past month, recovering losses incurred since January. According to the analyst, the IBIT fund ranks in the top 2% of ETFs by net inflow since the beginning of the year.
