- BlackRock adds $492M in ETH over 12 days, pushing holdings to 1.49M ETH.
- 120K+ ETH moved from Coinbase Prime to ETHA wallet, signaling structured accumulation.
- ETH price rebounds to $2,488 amid 47% drop in daily trading volume.
BlackRock has continued to expand its Ethereum (ETH) holdings through its iShares Ethereum Trust (ETHA), accumulating ETH for 9 consecutive trading days. During this period, the firm added over $492 million worth of ETH to the ETF. On June 5 alone, BlackRock purchased 27,846 ETH, valued at $73.21 million, bringing its total holdings to approximately 1.49 million ETH.
The value of these holdings is currently estimated at $3.93 billion. This sustained buying activity has coincided with a major series of large Ethereum transfers from Coinbase Prime, adding to signs of rising institutional involvement.
Data captured from a blockchain transaction tracker shows 15 large transfers from Coinbase Prime to a wallet labeled as BlackRock’s ETHA address. These transfers were executed over multiple days and ranged between 2,418 and 10,000 ETH per transaction.
The largest single transfer recorded was 10,000 ETH, equivalent to $26.69 million at the time of movement. In total, the 15 transactions involved more than 120,000 ETH, valued at over $300 million.
The repeated frequency and consistent stream of these transfers show that they are organized and planned. Many transactions were made in the range of 9,000 to 10,000 ETH, which means the trades were likely planned, not random or quick ones.
The distribution of ETH corresponds to the inflows of ETH stated by BlackRock, proving the company’s transparency on the blockchain. It also happens at a time when there is extra attention on Ethereum being used for regulated financial products.
ETH Recovers to $2,480 Level Amid Reduced Market Activity
Ethereum’s market price showed signs of recovery, rising 1.08% to $2,488.56 as of the time of writing. The asset reached an intraday high of nearly $2,520 before stabilizing above the $2,480 level for most of the day.
Ethereum’s market capitalization reached $300.42 billion with little change to the circulating or total supply, which remained at 120.72 million ETH.
Inflows from institutional investors, including BlackRock, led to Ethereum’s price rising, as the company kept adding ETH to its portfolio. When the number of trades decreases, it usually happens when investors are cautious and could be due to current or upcoming changes in the economy or in regulations.
