As BlackRock Inc. (NYSE: BLK) cryptocurrency portfolio increased by over $3.7 billion since early July to date, on-chain data suggests its investors could potentially be rotating capital from Bitcoin (BTC) to its altcoin fund.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has recorded a holding-decline of 3,710 BTC, down from 743,190 Bitcoin on July 1, 2026, to about 749,480 coins on August 6, according to data from Arkham Intelligence. On the other hand, BlackRock’s iShares Ethereum Trust ETF (ETHA) has registered an increase of 196,340 Ethereum (ETH) during the same period.
As such, BlackRock’s ETHA has seen its Ethereum holdings increase from 2.77 million on July 1 to approximately 2.97 million, at press time. With Ethereum price trading at $1,868 on Thursday, the firm’s ETH trove was valued at $5.54 billion, up by $1.08 billion over the past 37 days.
Worth noting that the value of the company’s Bitcoin holdings has surged by $2.67 billion during this period, to hover at $47.35 billion at the time of publication. The value increase in BlackRock’s Bitcoin portfolio since early July to date, despite its 0.5% decline in holdings, was due to the BTC price uptick.
Furthemore, BTC price rose by $3,909, or 6.5%, from $60,128 on July 1 to over $64,037 at the time of reporting.
BlackRock fuel capital rotation from Bitcoin to Ethereum in 37 days
During this period, when BlackRock’s investors accelerated Ethereum purchases and Bitcoin sell-off, the ETH/BTC pair broke out from its multi-month capitulation, as Aksel Kibar pointed out. The ETH/BTC pair has surged by over 5% since early July, trading at 0.02958 at press time.
As a result, if BlackRock investors continues with the same strategy, of accumulating Ethereum while selling Bitcoin, the ETH/BTC pair could rally towards 0.0312, as the analyst noted.