Advertise
Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jul 25, 2024 06:34 UTC
-
Here’s How BlackRock and Grayscale Dominated Early Ethereum ETF Trading
BlackRock’s Ethereum ETF wallet received 76,669 ETH, valued at $262.4 million, from Coinbase Prime.
Grayscale transferred 140,044 ETH worth $485.6 million to Coinbase Prime, indicating active portfolio management.
Ethereum price dropped over 7% to $3,190, with trading volume decreasing by 20%.
Just seven months after the debut of the first spot Bitcoin ETFs, the Securities and Exchange Commission (SEC) has approved nine Ethereum ETFs for trading. On their first day, BlackRock’s Ethereum ETF wallet received a substantial transfer from Coinbase Prime, while grayscale Investment 
grayscale Investment - Investment platform 
was actively shifting Ethereum in and out of the same platform.
BlackRock’s Bold Strategy
According to Lookonchain, blackrock 
blackrock - Fintech SolutionAdvisoryInvestment platform Ethereum ETF wallet received a hefty 76,669 ETH, valued at approximately $262.4 million, from Coinbase Prime.
According to BlackRock’s website, the company now holds 79,699 ETH, totaling about $277 million. This move highlights BlackRock’s strategic push to grow its Ethereum assets through its ETF offerings.
Grayscale Makes Its Moves
At the same time, Grayscale has made notable Ethereum transfers involving Coinbase Prime. In the last 24 hours, Grayscale transferred 140,044 ETH, worth approximately $485.6 million, to Coinbase Prime.
Additionally, it received 4,382 ETH, valued at $14.8 million, resulting in a net outflow of 135,662 ETH, worth $470.8 million. Grayscale’s website reveals that the company currently holds a substantial 2,489,075 ETH, valued at $7.9 billion.
Market Impact? It’s a Mixed Bag.
These moves by BlackRock and Grayscale demonstrate how major financial firms are actively managing their Ethereum investments. Bloomberg ETF analyst Eric Balchunas noted that U.S. spot ETH ETFs saw a trading volume of $1.08 billion on their first day, which is about 23% of the volume seen by spot Bitcoin ETFs at their launch.
However, Ethereum’s price has faced significant selling pressure, dropping over 7% in the past 24 hours to $3,190. Trading volume has also decreased by 20%, now around $20 billion, with a market cap of $383 billion.
Also Read: Why Ethereum Price is Down Today? Analyzing ETH Price Correction Post-ETF Launch
Is this the beginning of a new era for Ethereum? Let us know your predictions.
Yes 
No 
