Bitcoin (BTC) and Ethereum (ETH) have spearheaded a broad cryptocurrency market recovery over the past two weeks, prompting a massive accumulation spree by BlackRock Inc. (NYSE: BLK). The asset management giant acquired more than $3.1 billion in crypto assets across eight consecutive trading sessions, according to on-chain data analyzed by Finbold on August 28.
BlackRock’s Bitcoin and Ethereum ETFs Lead $3.16 Billion Buying Spree
Data from Arkham Intelligence reveals that BlackRock’s iShares Bitcoin Trust (IBIT) purchased a total of 22,722 BTC, valued at approximately $2.2 billion, during the eight-day window. Simultaneously, the iShares Ethereum Trust ETF (ETHA) accumulated 385,633 ETH, worth roughly $961 million. Combined, the purchases total approximately $3.161 billion. Both funds received the assets from Coinbase Prime, the institutional prime brokerage platform operated by Coinbase Global Inc. (NASDAQ: COIN).
Record Inflows Swell IBIT Holdings to $62.3 Billion
The buying pressure aligns with historic cash inflows into BlackRock’s Bitcoin vehicle. Metrics from SoSoValue show IBIT recorded nine consecutive days of net inflows totaling $2.302 billion between August 17 and August 27. Consequently, IBIT’s total Bitcoin holdings surged to $62.29 billion at the time of reporting.
Ethereum Products See Sustained Momentum
BlackRock’s Ethereum exposure is also expanding rapidly. The iShares Staked Ethereum Trust ETF (ETHB) has attracted $130.54 million in net inflows over the past two months, lifting its total net assets to $872 million. Since inception, ETHB has experienced only a single month of outflows—$10.06 million in June.
Meanwhile, the flagship iShares Ethereum Trust (ETHA) posted nine straight days of inflows amounting to a net $1.02 billion. This streak pushed ETHA’s net assets to approximately $8.63 billion.
Total Crypto Portfolio Nears $72 Billion
Cumulatively, BlackRock’s cryptocurrency portfolio across its exchange-traded products reached nearly $71.79 billion as of Friday, underscoring the firm’s dominant position in the institutional digital asset landscape.
