BlackRock has made headlines with its recent acquisition of Bitcoin and Ether, accumulating substantial amounts over a three-day period. This strategic buying spree coincided with a notable price increase for both cryptocurrencies, although gains were followed by a subsequent pullback as traders sought to secure profits.
According to onchain tracker Lookonchain, BlackRock added a total of 9,619 BTC, valued at approximately $878 million, along with 46,851 ETH worth around $149 million during this buying window. The transactions were traced back to wallets associated with Coinbase Prime, indicating a clear flow of assets into BlackRock”s ETF-related addresses.
These transfers were organized in batches, with multiple Bitcoin deposits of about 300 BTC and several transactions involving sizable Ether moves, including transfers of 10,000 ETH at a time. While the onchain data does not definitively identify the transaction initiators, the labeling suggests that the assets originated from Coinbase Prime and were directed towards BlackRock“s ETF custody addresses.
During this accumulation phase, both Bitcoin and Ether experienced upward momentum. Initially trading between the $87,000 and $88,000 range, Bitcoin climbed past $90,000 and reached a peak between $93,000 and $94,000 before momentum slowed. As the buying by BlackRock tapered off, a correction ensued, and Bitcoin settled around $90,300, reflecting a controlled pullback rather than a drastic decline.
Similarly, Ether began the period in the $2,950 to $3,000 range and steadily advanced, surpassing the $3,100 mark and approaching the $3,250 to $3,300 territory before experiencing a pullback. By the end of the accumulation period, Ether had retreated to approximately $3,120, maintaining higher levels compared to its starting point.
This price action, characterized by sustained ETF inflows followed by profit-taking, illustrates a dynamic market response. Both assets managed to hold onto gains made during the accumulation phase, despite the cooling off that occurred as the broader market adjusted.
