BlackRock Concentrates on Ethereum Purchases Amid Bitcoin Sell-off

▲ BlackRock, Bitcoin (BTC), Ethereum (ETH)/AI Generated Image ©

Evidence of fund movement has been detected, showing investors of BlackRock, the world's largest asset manager, concentrating on buying Ethereum (ETH) instead of selling Bitcoin (BTC), signaling a new supply and demand shift in the cryptocurrency market.

According to crypto media outlet Finbold on August 6 (local time), data analysis from on-chain analytics platform Arkham Intelligence revealed that BlackRock's cryptocurrency portfolio value has increased by over $3.7 billion since early July. During this period, an analysis suggests that BlackRock investors have been moving funds from Bitcoin spot ETFs to Ethereum spot ETF products.

BlackRock's Bitcoin spot ETF, IBIT, saw its Bitcoin holdings fluctuate from 743,190 units on July 1, 2026, to 749,480 units on August 6. During this process, some selling pressure was recently observed, with holdings showing a decrease of approximately 3,710 units. In contrast, Ethereum holdings in ETHA, an Ethereum spot ETF, increased by 196,340 units over the same period, demonstrating a clear buying advantage.

Consequently, ETHA's Ethereum holdings increased from 2.77 million units on July 1 to approximately 2.97 million units as of the reporting time. With Ethereum trading at $1,868 on Thursday, BlackRock's Ethereum asset value rose by $1.08 billion over the past 37 days, reaching $5.54 billion.

Meanwhile, BlackRock's total Bitcoin holdings also saw an increase in value of $2.67 billion during this period, reaching $47.35 billion as of the reporting time. The increase in valuation, despite a 0.5% decrease in Bitcoin holdings, is due to the rise in Bitcoin's price over the same period. Bitcoin's price climbed from $60,128 on July 1 to $64,037 at the time of reporting, an increase of $3,909 (6.5%).

Technical analyst Aksel Kibar analyzed that the fund rotation by BlackRock investors led to the breakout of the Ethereum/Bitcoin (ETH/BTC) relative price ratio from its capitulation zone. The ETH/BTC ratio has risen by over 5% since early July, trading at the 0.02958 level. It is projected that if this strategy of buying Ethereum and selling Bitcoin continues, the ETH/BTC ratio could further increase to the 0.0312 level.

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