It’s only Tuesday, but BlackRock has already been making some pretty big moves already this week, including a 47,463 Ethereum (ETH) transfer to Coinbase Prime earlier today, worth roughly $140 million.
Interestingly, the move came just one day after BlackRock had bought 7,558 ETH, valued at $22.7 million, according to Lookonchain data as of December 16. Adjusting for the new figure, the world’s largest fund is now 12,696 ETH in the negative on the weekly chart.
Things were a bit more quiet with Bitcoin (BTC). Namely, BlackRock has only seen a modest 567 BTC addition on Monday, December 15, worth $49.3 million, which brought its seven-day inflows to a positive 2,337 BTC.
Although small, the change has ensured that BlackRock has remained the only Bitcoin ETF issuer with a positive net change over the past seven days. Conversely, it has posted the biggest withdrawals among its Ethereum competitors.
BlackRock ETF moves. Source: LookonchainCurrently, the fund commands $78.3 billion worth of crypto, of which 86% is allocated to Bitcoin and the remaining 14% to Ethereum.
Is BlackRock expanding its crypto ETF lineup?
BlackRock’s latest crypto moves are much more interesting in context, considering that the fund appears to be accelerating its push into crypto with a fresh round of hiring, including Vice President/Director and Digital Assets Product Strategist positions tasked with scaling existing products, including crypto ETFs.
The posting also points to ambitions beyond traditional ETF structures, one task being to “identify opportunities for technological innovation and new product development,” which signals further innovation in crypto-linked offerings.
With that in mind, BlackRock’s ongoing efforts in the market mean that investors should closely monitor the dynamics of ETF outflows, especially in Ethereum, since the fund’s reaction to shifting internal dynamics can provide useful clues for identifying potential trading strategies.
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Source: https://finbold.com/blackrock-just-moved-over-200-million-worth-of-these-2-cryptos/
