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BlackRock just bought millions of these cryptos after huge sell-off
After a sharp two-day sell-off that rattled crypto markets, BlackRock has flipped its position, resuming accumulation of both Bitcoin (BTC) and Ethereum (ETH).
On August 7, the world’s largest asset manager added 363 BTC ($41.9 million) and 9,251.59 ETH ($34.2 million) to its ETF portfolios, according to on-chain and ETF data.
This $76 million reentry comes just days after BlackRock unloaded 2,544 BTC on August 5, followed by another 665 BTC outflow on August 6, the largest two-day outflow streak since launch of its iShares Bitcoin Trust (IBIT) in January.
The updated iShares Bitcoin Trust (IBIT) inflows chart shows that total BTC holdings climbed to 739.3K BTC on August 7 rebounding from the temporary dip triggered by August’s outflows. Despite the drawdown, IBIT remains the largest holder among spot Bitcoin ETFs, with holdings now worth over $85 billion at current prices of $114,987 per BTC.
The data suggests that BlackRock may be executing a short-term rebalance strategy, offloading at local highs before buying back into weakness. With IBIT inflows resuming, institutional interest appears intact, particularly as Bitcoin’s long-term supply dynamics tighten ahead of the next halving.
Ethereum buying accelerates
BlackRock’s $34.2 million Ethereum purchase on the same day also signals increasing conviction in ETH exposure. The company’s ETHA fund had recorded a $375M outflow just days earlier, ending a 21-day inflow streak. The August 7 inflow could reflect opportunistic entry at support levels, as Ethereum traded at $3,723.
While ETH has underperformed BTC on a relative basis since June, institutional accumulation often precedes price action in altcoins
The synchronized reentry into both BTC and ETH just after sharp liquidations may hint at BlackRock’s attempt to front-run a potential rebound ahead of CPI data and broader macro catalysts.