As reported by Lookonchain, on Wednesday, Coinbase Prime transferred $262.4 million in Ethereum (ETH) to the BlackRock iShares Ethereum ETF wallet. This large transfer indicates strong interest from BlackRock in ramping up its Ethereum holdings via its ETF products.
Now, with 79,699 ETH ($277 million) in custody, BlackRock has increased its holdings only two days after the listing of its ETF.
The US Securities and Exchange Commission approved eight Ethereum exchange-traded funds on Tuesday. Some of those funds traded at high volumes on the first day.
One of the top-performing funds in trading volume on the first day was BlackRock's iShares Ethereum Trust ETF, identified by crypto analyst James Seyffart. He said that, according to his post on X, it led with $266.5 million in trading.
Meanwhile, the BlackRock ETF got transfers from Coinbase Prime, while Grayscale faced massive outflows.
Grayscale Ethereum Trust, now an ETF, transferred 140,044 ETH ($485.6 million) to Coinbase Prime. According to data gathered by Lookonchain, Coinbase Prime transferred 4,382 ETH ($14.8 million) to it, leaving a net outflow of 135,662 ETH ($470.8 million) from it.
Grayscale is holding approximately $7.9 billion in Ethereum—2,489,075 ETH, according to the fund's website. On the second day of trading, all Ethereum ETFs experienced net outflows amounting to $113.3 million, as large outflows were recorded from Grayscale's Ethereum Trust.
Massive outflows weighing the price of the world's second-largest cryptocurrency by market capitalization, Ethereum, due to the massive outflows. As a result, the price of Ethereum plummeted 8.5 percent in the past 24 hours and is now floating at $3,165.
By clicking "Accept All Cookies", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in improving your experience.