- BlackRock’s Ethereum accumulation through Coinbase Prime totals over $50 million in value.
- Ethereum exchange inflows peaked at over 1.3 million ETH between May 27 and June 1.
- ETH price stayed stable between $2.54K and $2.68K, reflecting strong market demand.
Arkham, a blockchain analytics firm, has identified a significant Ethereum acquisition by financial giant BlackRock. The firm disclosed data showing that BlackRock executed multiple transactions through Coinbase Prime, accumulating Ethereum valued between $23 million and $61 million. The investment is estimated to total approximately $50 million based on current ETH pricing.
According to Arkham’s post on social media platform X, these purchases ranged from 9,000 to over 58,000 ETH per transaction. The transactions occurred within a short time frame and showed a steady increase in BlackRock’s Ethereum holdings. Arkham’s accompanying charts indicated a growing Ethereum balance linked to wallets identified as related to BlackRock, showing positive movement in both holdings and unrealized profits.
Ethereum Exchange Inflows Surge
During the same period, blockchain data from CryptoQuant recorded a significant rise in ETH exchange inflows. On May 27, exchange inflows stood at around 200,000 ETH. By June 1, that figure had surged to over 1.3 million ETH before declining again. This pattern suggests an increase in trading activity or asset repositioning by larger holders.
Although much ETH was taken to exchanges in the last 2 days, its price remained fairly steady. The range for ETH trading given by CoinMarketCap includes numbers between $2,540 and $2,680. The price of Ethereum was $2,605.38 on June 4 and this was a 2.37 percent gain from the previous day. The fact that prices remain unchanged even with a high number of spot bitcoins being traded, means demand is equal to the amount being offered for sale.
The purchase of Ethereum by BlackRock around this time shows that institutions are getting more involved in Ethereum. What is unclear is the reason for these financial flows, though they could relate to upcoming regulations or adjusting future strategies by investing in digital assets.
