BlackRock has made a significant shift in its crypto holdings. While divesting $561 million worth of Bitcoin, it also purchased $69 million worth of Ethereum. 

On May 30, it transferred 4,113 BTC via Coinbase Prime, followed by another 1,249 BTC on June 2. In total, 5,362 BTC were moved—equivalent to approximately $561 million. According to Onchain Lens, most of these transactions occurred in blocks of 300 BTC. These transfers coincided with outflows from the iShares Bitcoin Trust ETF: $430.8 million on May 30 and $130.4 million on June 2—totaling exactly $561 million over the two days. 

Coinbase Prime has become the preferred platform for institutional-level Bitcoin transfers. This suggests that BlackRock either sold off BTC or rebalanced its funds. 

BlackRock Turns to Ethereum with a New Strategy 

During the same period, BlackRock acquired 27,241 ETH via Coinbase, worth approximately $69.25 million. This move clearly signals the institution’s growing interest in Ethereum. On June 2, the iShares Ethereum Trust fund led the market with $48.4 million in net inflows. On the same day, the Fidelity Ethereum Fund attracted $29.78 million, bringing total daily inflows to $78.17 million—data published by SoSo Value. Furthermore, Ethereum ETFs saw inflows for 11 consecutive days, pushing total net inflows to $3.12 billion. This trend indicates rising momentum among ETF investors toward Ethereum. 

Bitcoin recently hit an all-time high of $112,000 before plummeting to $103,000. As of June 3, it recovered to $106,600. This price volatility prompted many institutional investors to take profits. Bloomberg analyst Eric Balchunas noted that ETF outflows prompted fund sales, further supporting BlackRock’s decision to reduce its BTC holdings. 

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