BLACKROCK SHIFTS $561M FROM BITCOIN TO ETHEREUM — IS AN ALTCOIN SURGE COMING?
In a bold strategic pivot, BlackRock has moved $561 million from Bitcoin into Ethereum, signaling what many analysts believe could be the beginning of a broader altcoin rally.
The shift comes amid significant outflows from BlackRock’s iShares Bitcoin Trust ETF (IBIT), which saw $561 million withdrawn over the past two days—mirroring the amount now reportedly redirected into Ethereum. The move was first reported by The Crypto Basic, citing blockchain analytics from Arkham Intelligence.
🔍 Key Details:
Outflows: $561 million withdrawn from BlackRock’s IBIT ETF.
Reinvestment: BlackRock acquired 27,241 ETH, valued at approximately $69.25 million.
Market Impact: Ethereum ETFs have recorded 11 consecutive days of positive inflows, with $78.2 million added on June 3 alone.
According to Crypto News Flash, Ethereum ETFs like BlackRock’s iShares Ethereum Trust (ETHA) are gaining traction, especially in sectors like DeFi and NFTs—areas where Ethereum continues to dominate. On June 3, ETHA led the way with $48.4 million in inflows, while Fidelity followed with $29.8 million, showing increasing institutional appetite for Ethereum.
💡 Why It Matters:
This calculated reallocation reflects not only growing confidence in Ethereum’s utility and long-term value but also hints at a potential altcoin boom. If institutions follow BlackRock’s lead, the broader altcoin market may see renewed interest and capital inflows in the coming weeks.
