BlackRock has intensified its presence in the digital asset market, purchasing a combined $589 million worth of Bitcoin and Ethereum from Coinbase over the past three days. Data from Onchain Lens, referencing Arkham intelligence, shows that the asset manager accumulated 4,044 BTC and 80,121 ETH during this period, marking one of the largest institutional crypto acquisitions this month. Based on current market prices, the haul reflects about $354 million in Bitcoin and $235 million in Ethereum.
These transfers were executed in several large batches, including a notable 300 BTC transaction paired with multiple sizable ETH transfers within minutes of each other. This activity contrasts with BlackRock’s previous trend of moving large amounts of BTC and ETH to Coinbase, highlighting a renewed accumulation phase amid improving market sentiment.
Bitcoin’s price movement supports this shift, climbing back toward $91,552 after an intraday dip. Buyers stepped in around the $91,000 range, signaling renewed confidence as the broader crypto market rebounds from sharp fluctuations earlier in the week. Ethereum followed a similar trend, trading near $3,022 after showing strong midday momentum and consolidating above the $3,040 zone before a slight pullback.
ETF inflows further reinforce BlackRock’s growing dominance in the institutional crypto space. Data from SoSoValue reveals that on November 26, BlackRock’s IBIT Bitcoin ETF led U.S. ETF inflows with nearly $43 million, while Fidelity’s FBTC saw over $30 million in outflows, suggesting a shift in investor preference. Grayscale’s GBTC recorded a smaller $5.63 million inflow.
BlackRock’s Ethereum ETF (ETHA) also outperformed competitors the same day, attracting $50.22 million in net inflows. By comparison, Grayscale remained neutral while Bitwise and Grayscale’s second Ethereum ETF saw modest additions.
This steady surge in ETF interest, combined with BlackRock’s direct crypto purchases, reinforces its leadership in digital asset markets. With year-end catalysts approaching, institutional investors appear to be positioning themselves for potential gains, further strengthening BlackRock’s expanding crypto footprint.
