Ethereum ETFs Launch with a Bang: BlackRock and Grayscale Move Millions in ETH

2 months ago 28

The post Ethereum ETFs Launch with a Bang: BlackRock and Grayscale Move Millions in ETH appeared first on Coinpedia Fintech News

Just seven months after the first spot Bitcoin ETFs were launched, the Securities and Exchange Commission (SEC) approved nine Ethereum ETFs for trading. On the first day of trading, BlackRock’s Ethereum ETF wallet received a large transfer from Coinbase Prime. At the same time, grayscale information grayscale Lending & Borrowing was actively shifting Ethereum in and out of the same platform.

BlackRock Hold 79699 ETH

According to Lookonchain, blackrock information blackrock Fintech SolutionAdvisoryInvestment platform Ethereum ETF wallet received a hefty 76,669 ETH, valued at approximately $262.4 million, from Coinbase Prime.

BlackRock(iShares) Ethereum ETF wallet received 76,669 $ETH($262.4M) from #CoinbasePrime 10 hours ago.

According to #BlackRock's official website, #BlackRock currently holds 79,699 $ETH($277M).https://t.co/sefS6WTlHz pic.twitter.com/pvEGrWxvT9

— Lookonchain (@lookonchain) July 25, 2024

As per BlackRock’s official website, the company now holds a total of 79,699 ETH, amounting to around $277 million. However, this transaction reflects BlackRock’s strategic interest in expanding its Ethereum assets through ETF offerings.

Grayscale’s Recorded Massive Outflow

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.

These moves by BlackRock and Grayscale show how major financial companies are actively managing their Ethereum investments.

Bloomberg ETF analyst Eric Balchunas noted that U.S. spot ETH ETFs reached a trading volume of $1.08 billion on their first day, which is about 23% of the volume seen by spot Bitcoin ETFs when they launched. The price of ETH dipped slightly that day.

First day of the ETHness stakes done. The group's volume was just shy of $1.1 billion. My *prediction* on flows for the day is anywhere from $125 million to $325 million but will depend on how many investors these firms had lined up. We'll know some official flows in a few hours https://t.co/p6Wjty8VyY pic.twitter.com/1gYYrU1CW1

— James Seyffart (@JSeyff) July 23, 2024

Ethereum Price Fall By 7%

The Ethereum price has faced strong selling pressure, dropping over 7% in the last 24 hours falling to $3,190. Additionally, trading volume has decreased by 20%, hovering 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

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