BlackRock back to buying this crypto, spends $27 million
BlackRock (NYSE: BLK) has resumed accumulating Ethereum (ETH), reversing earlier signs that the world’s largest asset manager was scaling back exposure on the second-ranked cryptocurrency. Specifically, BlackRock withdrew over 11,000 ETH, worth approximately $27.2 million, from Coinbase Prime, according to blockchain data from Arkham Intel on June 24. The transfers came in two parts. The first one emerged at 10:43 UTC and involved 4,224 ETH worth $10.28 million, followed 15 minutes later by 6,961 ETH valued at $16.92 million. Both transactions originated from Coinbase Prime’s hot wallet and were sent to a wallet tied to BlackRock’s Ethereum ETF (ETHA). BlackRock Ethereum transaction. Source: Arkham Intel BlackRock’s initial signal to sell ETH The move is especially noteworthy given that just a day earlier, on June 23, BlackRock transferred 9,928 ETH worth around $24.15 million from its ETF wallet to Coinbase Prime, sparking speculation of profi...