As per AMBCrypto, BlackRock recently moved 4,044 BTC and 80,121 ETH worth $589 million through on-chain transfers, primarily from Coinbase. Arkham data shows $354 million in BTC and $235 million in ETH were received. However, these transfers are not new purchases but the result of ETF redemptions. Market makers sell Bitcoin and Ethereum to hedge ETF share redemptions, which then trigger large on-chain movements. The activity reflects capital exiting the ETF system rather than entering it. BlackRock’s strategy focuses on Bitcoin and Ethereum, dismissing most altcoins as 'worthless.' The firm emphasizes institutional discipline and regulatory compliance, signaling that institutional crypto growth will center on proven, scalable assets.
BlackRock Shifts $589M in BTC and ETH via ETF Redemptions, Not Fresh Buying
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