BlackRock makes a monster $400 million crypto move
Ethereum (ETH) exchange-traded funds (ETFs) saw remarkable adoption in August, drawing $3.87 billion in net inflows overall. However, institutional crypto strategies are shifting once again in favor of Bitcoin (BTC) as a digital hedge. Namely, on September 3, BlackRock unloaded $151.39 million worth of ETH while purchasing an additional $289.84 million worth of BTC, according to the data retrieved from SoSoValue . BlackRock ETH inflows. Source: SoSoValue Bitcoin ETFs dominating once again As mentioned, the move is not a one-off incident, but rather reflects a broader recalibration in institutional portfolios in a period of increasing macro uncertainty. Indeed, Bitcoin ETFs also recorded $332.7 million in net inflows on Tuesday, September 2, as well after losing around $751 million last month. The accumulation was again led by Fidelity and BlackRock, which reported $132.7 million and $72.8 million in additions. A key driver appears to be...