BlackRock’s wallet has received over 100,000 ETH from Coinbase Prime in June, showing steady and deliberate institutional buying.
Ethereum’s network is booming, with 800,000 to 1 million new wallets created weekly since May, far outpacing last year’s growth.
Analysts are closely tracking BlackRock’s ETH accumulation, which could signal a pivotal shift in institutional crypto strategy.
BlackRock has been making waves in the crypto sector this June, quietly amassing over $750 million in Ethereum without a single recorded sell. This remarkable run of buying has not gone unnoticed, with traders and analysts alike watching every move. “BlackRock is aggressively loading up on $ETH—over $750M worth of $ETH accumulated in June alone. Not a single sell, not one,” according to a post by Jeremy tracking the wallet’s activity.
https://twitter.com/Jeremyybtc/status/1935739394813571078
Between June 11 and June 18, a series of substantial Ethereum transfers flowed from Coinbase Prime to a wallet labeled as BlackRock’s ETHA address. The most recent transaction on June 18 moved 4,528 ETH, valued at roughly $11.24 million, while the previous day saw another 6,053 ETH, worth $15.46 million, land in the same wallet. On June 16, two identical transfers of 10,000 ETH each—totaling $51.06 million—were recorded, which further fueled speculation about BlackRock’s intentions.
This trend was upheld with a flurry of transactions on June 13, when some ETH transfers came in one after another. One transaction moved 8,228 ETH worth $5.69 million, followed by another 2,500 ETH for $6.38 million. The figure for June 13 exceeded 20,000 ETH, and on June 12, there were five large ETH transfers in a matter of a few minutes, the biggest being an 8,112 ETH sweep worth $22.36 million.
Institutional Strategy and Custody Structure
BlackRock’s approach is anything but random, showing a clear preference for consistency in transaction size, frequency, and wallet origin. According to comments by on-chain monitors, the exclusive use of Coinbase Prime as a custody route and the timing of these transfers confirm the institutional nature of BlackRock’s accumulation. This is not just a matter of moving coins; it’s a calculated strategy that signals long-term intent.
The dynamics of such trades suggest BlackRock is preparing for potential regulatory shifts and more participation in the market. All transfers are transparent and traceable, allowing analysts a real-time, singular look at institutional activity. Additionally, the adoption of Coinbase Prime indicates the importance of robust custody solutions to large players making their way into crypto.
Ethereum Network Growth and Price Action
Ethereum’s network is also showing signs of remarkable growth, with wallet creation surging to between 800,000 and 1 million new addresses per week since mid-May, as stated in an update by Santiment. This is a notable jump from the 560,000 to 670,000 new addresses seen weekly during the same period last year, highlighting rising interest from both retail and institutional users.
Week of ending 17 June, the network added 896,616 new wallets as the price of Ethereum remained well above $2,500. The asset closed 17 June at $2,536.06, fluctuating between a steady $2,501.18 and $2,583.70 despite wallet addition driving towards historical highs. Most importantly, perhaps, these on-chain metrics are watched closely for signs of further ETF-strength and institutional onboarding.
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