BlackRock Resumes Ethereum Accumulation with $27 Million Move
BlackRock signals renewed confidence in Ethereum, transferring $27M in ETH to its ETF wallet after prior outflows.
BlackRock, the world’s largest asset manager, has resumed its accumulation of Ethereum (ETH), signaling renewed institutional confidence in the second-largest cryptocurrency by market capitalization. On June 24, blockchain analytics platform Arkham Intel reported that BlackRock withdrew more than 11,000 ETH—worth approximately $27.2 million—from Coinbase Prime.
The transfers, executed in two swift movements, originated from Coinbase Prime’s hot wallet and were directed to a wallet associated with BlackRock’s Ethereum ETF (ETHA). The first transfer occurred at 10:43 UTC, moving 4,224 ETH valued at $10.28 million. Just 15 minutes later, an additional 6,961 ETH—worth $16.92 million—was moved to the same wallet.
This move follows an earlier signal that BlackRock might have been scaling back its Ethereum exposure. On June 23, the firm transferred 9,928 ETH, valued at roughly $24.15 million, from its ETF wallet back to Coinbase Prime. That transaction led to speculation about possible profit-taking or rebalancing. However, the swift reversal just a day later suggests a strategic pivot back toward accumulation.
The June 24 purchase ranks among BlackRock’s most significant Ethereum acquisitions in recent weeks. It also comes on the heels of a $19.7 million outflow from ETHA on June 20, the first such event after 30 consecutive days of inflows. That outflow was the largest among Ethereum ETFs during the period, contributing to a net $11.3 million market-wide ETH outflow.
BlackRock’s renewed buying is part of a broader uptick in institutional crypto activity, coinciding with a bullish market shift triggered by geopolitical developments. Specifically, the announcement of a ceasefire between Israel and Iran, brokered by Donald Trump, helped restore investor confidence after weeks of market turbulence.
As of June 24, Ethereum was trading at $2,444—up over 6% in 24 hours but still down nearly 2% over the past week. From a technical standpoint, ETH remains in a mixed position. The asset is trading below its 50-day simple moving average (SMA) of $2,526.24, indicating short-term softness. However, it continues to hold above its 200-day SMA of $2,364.00, maintaining a longer-term bullish trend.
Momentum indicators reflect neutral sentiment, with the 14-day relative strength index (RSI) at 46.58. As markets stabilize, BlackRock’s ETH acquisition may signal renewed faith in Ethereum’s medium-term performance, especially among institutional investors navigating volatile geopolitical and macroeconomic terrain.
