BlackRock Accumulates Over $3.1 Billion in Bitcoin and Ethereum in 8 Days

As Bitcoin ($BTC) and Ethereum ($ETH) led the broader cryptocurrency industry in a strong recovery over the past two weeks, BlackRock Inc. (NYSE: BLK), the world's largest asset manager, has purchased crypto assets worth more than $3.1 billion across eight consecutive days.

According to on-chain data analysis from Arkham Intelligence, analyzed by Finbold on August 28, BlackRock's iShares Bitcoin Trust (IBIT) purchased a total of 22,722 $BTC, valued at around $2.2 billion, over the past eight days. Over the same period, the firm's iShares Ethereum Trust ETF (ETHA) accumulated 385,633 $ETH, worth roughly $961 million.

The buying highlights IBIT's outsized role in the still-young US spot crypto ETF market. Launched in January 2024 after the Securities and Exchange Commission approved the first US spot Bitcoin funds, IBIT has grown into the largest ETF of its kind, and its flows are widely tracked as a barometer of institutional demand for cryptocurrency exposure. Taken together, the two funds bought approximately $3.161 billion in Bitcoin and Ethereum over the eight-day stretch. BlackRock received both $BTC and $ETH from Coinbase Prime, an institutional-grade prime brokerage platform backed by Coinbase Global Inc. (NASDAQ: COIN), whose custody arm separately safeguards assets for most US-listed spot crypto ETFs.

Nine-day inflow streaks across BlackRock's crypto ETFs

Per metrics from SoSoValue, IBIT recorded nine consecutive days of cash inflows totaling $2.302 billion between August 17 and August 27, raising the fund's Bitcoin holdings to $62.29 billion at the time of reporting.

The firm's iShares Staked Ethereum Trust ETF (ETHB) has registered a cash inflow of $130.54 million over the past two months, bringing its total net assets to $872 million. Notably, ETHB has seen only one month of cash outflows — $10.06 million in June — since its inception.

BlackRock's ETHA has posted net cash inflows of $1.02 billion over the last nine consecutive days, leaving the fund with approximately $8.63 billion in net assets at the time of writing. US spot ether ETFs began trading only in July 2024, several months after their Bitcoin counterparts, and BlackRock's Ethereum products now rank among the largest in that cohort.

Cumulatively, BlackRock's crypto portfolio stood at nearly $71.79 billion on Friday, and daily flow trackers such as SoSoValue will show in the coming sessions whether the buying streaks continue.