BlackRock bought 4x more of this crypto than Bitcoin last week
Main Idea
BlackRock purchased over $1.2 billion worth of Ethereum (ETH) in late July, significantly more than its Bitcoin (BTC) acquisitions, indicating a preference for Ethereum's utility-driven demand among asset managers.
Key Points
1. BlackRock acquired over $1.2 billion in Ethereum (ETH) between July 22 and July 28, compared to $267 million in Bitcoin (BTC) during the same period.
2. Large-block transfers of 10,000 ETH each (approx. $36–37 million) were observed from Coinbase Prime hot wallets to BlackRock-controlled wallets.
3. A single transaction of 177,500 ETH worth $655.9 million was also recorded.
4. At the time of reporting, Ethereum's price was $3,812.42 (up 3.14% weekly), while Bitcoin's price was $118,356.67 (down 0.11% weekly).
5. Ethereum's utility-driven demand appears to be attracting asset managers seeking diversified crypto exposure.
Description
BlackRock is ramping up its Ethereum exposure at a pace that far outstrips its Bitcoin allocation. The world’s largest asset manager purchased more than $1.2 billion worth of Ethereum ( ETH ) between July 22 and July 28, compared to just $267 million in Bitcoin ( BTC ) over the same period, according to on‑chain data from Arkham . The data shows multiple large‑block transfers of 10,000 ETH each (approximately $36–37 million) from Coinbase Prime hot wallets to BlackRock‑controlled wallets, alongs...
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