BlackRock back to buying this crypto, spends $27 million

BlackRock (NYSE: BLK ) has resumed accumulating Ethereum ( ETH ), reversing earlier signs that the world’s largest asset manager was scaling back exposure on the second-ranked cryptocurrency . Specifically, BlackRock withdrew over 11,000 ETH, worth approximately $27.2 million, from Coinbase Prime, according to blockchain data from Arkham Intel on June 24. The transfers came in two parts. The first one emerged at 10:43 UTC and involved 4,224 ETH worth $10.28 million, followed 15 minutes later by 6,961 ETH valued at $16.92 million. Both transactions originated from Coinbase Prime’s hot wallet and were sent to a wallet tied to BlackRock’s Ethereum ETF (ETHA). BlackRock Ethereum transaction. Source: Arkham Intel BlackRock’s initial signal to sell ETH The move is especially noteworthy given that just a day earlier, on June 23, BlackRock transferred 9,928 ETH worth around $24.15 million from its ETF wallet to Coinbase Prime, sparking speculation of profit-taking or rebalancing. However, the swift reversal suggests a renewed accumulation strategy. This marks one of BlackRock’s largest Ethereum purchases in recent weeks. Just days earlier, on June 20, the firm’s spot Ethereum ETF recorded a $19.7 million outflow , the first after 30 consecutive days of inflows. That outflow was also the largest among all Ethereum ETFs, contributing to a net market outflow of $11.3 million. BlackRock’s renewed buying comes amid a broader rebound in institutional crypto activity, following a market-wide selloff driven by Middle East geopolitical tensions. However, markets turned bullish on Monday after President Donald Trump announced a ceasefire between Israel and Iran, helping Bitcoin ( BTC ) reclaim the $105,000 level. Ethereum price analysis As of press time, Ethereum was trading at $2,444, up over 6% in the past 24 hours but still down nearly 2% over the past week. ETH seven-day price chart. Source: Finbold Technically, Ethereum’s outlook remains mixed. The asset is trading below its 50-day simple moving average ( SMA ) of $2,526.24, indicating short-term weakness but still above the 200-day SMA at $2,364.00, signaling a longer-term bullish bias. Meanwhile, the 14-day relative strength index ( RSI ) stands at 46.58, reflecting neutral momentum in line with overall market sentiment. Featured image via Shutterstock The post BlackRock back to buying this crypto, spends $27 million appeared first on Finbold .

Source: Finbold