Crypto News Today: Crypto Market Rises as BlackRock Purchases $589M in BTC and ETH

BlackRock buys $589M in Bitcoin and Ethereum in 3 days as its crypto ETFs lead market inflows during crypto price recovery.

BlackRock has acquired $589 million worth of Bitcoin and Ethereum over three days, according to on-chain data from Arkham. 

The accumulation happened through multiple transfers from Coinbase and occurred as crypto prices rebounded and institutional activity increased. These movements signal a renewed focus on crypto assets by large financial institutions during a time of broader market recovery.

$589 Million in BTC and ETH Transferred to BlackRock Wallets

BlackRock received 4,044 BTC and 80,121 ETH across several large transactions from Coinbase wallets, totaling around $589 million. 

The purchases were completed in batches, including one transfer of 300 BTC, along with multiple Ethereum deposits, completed within minutes of each other.

According to Arkham data, the value of these assets breaks down to approximately $354 million in Bitcoin and $235 million in Ethereum at current prices. These transfers mark one of the largest recent institutional accumulations of crypto assets within a short timeframe. 

The activity also reverses earlier trends where assets were moving from BlackRock wallets back to exchanges.

At the time of these transfers, Bitcoin was trading near $91,552 after an earlier price dip. The price rebound occurred around the $91,000 level and was followed by a continued upward trend. This move aligned with the broader market’s recovery and higher demand for crypto exposure.

ETF Inflows Push BlackRock to Lead the Market

On November 26, BlackRock’s IBIT ETF led the market with net inflows of nearly $43 million, according to data from SoSoValue. This placed it ahead of other U.S.-based Bitcoin ETFs, such as Fidelity’s FBTC, which recorded over $30 million in outflows on the same day.

Grayscale’s GBTC posted a small inflow of $5.63 million, while other issuers showed neutral or low volume. These results show increased investor interest in BlackRock-managed funds, especially during a period of shifting market sentiment.

Ethereum also saw renewed strength during this time. 

ETH was trading around $3,022, following a period of price consolidation above $3,040. The rise in price and stable trading behavior contributed to more inflows into Ethereum-focused ETFs, where BlackRock maintained a strong position.

Related Reading: BlackRock Develops New Staked Ethereum Trust ETF for Investors

BlackRock Ethereum ETF Leads Daily Inflows

BlackRock’s ETHA ETF recorded a net inflow of $50.22 million on November 27, making it the top-performing Ethereum ETF on that day. Grayscale’s ETHE showed no major change, and Fidelity’s FETH had no recorded inflows.

Bitwise and Grayscale’s secondary Ethereum funds also posted gains, with ETHW bringing in $4.4 million and another Grayscale ETF gaining over $6 million. These moves helped increase BlackRock’s overall exposure to Ethereum within regulated investment structures.

BlackRock’s ongoing expansion in the crypto ETF sector includes its recent launch of BUIDL, a tokenized fund on BNB Chain. These developments confirm the asset manager’s growing presence in digital assets and its current dominance in ETF market flows.

The post Crypto News Today: Crypto Market Rises as BlackRock Purchases $589M in BTC and ETH appeared first on Live Bitcoin News.