BlackRock Buys BTC and ETH as Grayscale Sells Amid Volatility
Recent on-chain activity indicates BlackRock and Grayscale are taking opposite positions in the crypto market:
- BlackRock: Withdrew 681 BTC ($74.72M) and 6,000 ETH ($22.91M) from Coinbase Prime, suggesting purchases for its ETFs.
- Grayscale: Deposited 525 BTC ($57.22M) and 21,030 ETH ($80.84M) to Coinbase Prime, indicating potential sales from its ETFs.
ETF Flows
- Bitcoin: Grayscale's GBTC saw an outflow of 522.85 BTC, while BlackRock's IBIT had an inflow of 679.88 BTC.
- Ethereum: Grayscale experienced a 20,690 ETH outflow, whereas BlackRock's ETHA recorded a 28,600 ETH inflow.
Overall, these movements suggest capital rotation from Grayscale to BlackRock's ETFs amid recent market volatility. Despite bearish trends with a $101 million Bitcoin ETF outflow on Oct. 22, optimism emerged as Changpeng Zhao received a presidential pardon, potentially influencing market sentiment.