5,362 BTC Sold... 27,241 ETH Purchased BTC Selling Reason: Outflow of Spot ETF 'IBIT'
Source=Blackink Research
The world's largest asset management firm, BlackRock, recently sold Bitcoin (BTC) and purchased Ethereum (ETH) over the past few days.
According to data released by on-chain analysis platform CoinGlass on the 4th, BlackRock sold Bitcoin multiple times through Coinbase Prime from June 2nd to 3rd. Over these two days, BlackRock sold a total of approximately 5,362 Bitcoins. The selling price was around $561 million (approximately 771.9 billion won).
BlackRock simultaneously sold Bitcoin and purchased Ethereum. According to CoinGlass data, from June 2nd to 3rd, BlackRock withdrew approximately 27,241 Ethereum from Coinbase Prime to its own wallet. The purchase price was around $69.25 million (approximately 95.3 billion won).
The reason for BlackRock's Bitcoin sale is attributed to the net outflow of its Bitcoin spot ETF, 'IBIT'. The net outflow of IBIT on the 30th of last month and 2nd of this month recorded approximately $561 million, which is the same amount as the Bitcoin BlackRock sold.
In fact, for Ethereum, US spot ETFs have recorded net inflows for 11 consecutive days. On the 3rd, the net inflow of US Ethereum spot ETFs was approximately $78.2 million.
Seung-won Kwon, Reporter ksw@blockstreet.co.kr
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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