BlackRock Investors Snap Up $788M in Bitcoin and Ethereum Amid Market Volatility
BlackRock investors have been actively buying Bitcoin and Ethereum despite recent market sell-offs. According to data, from August 14 to August 21, these investors purchased $788 million worth of both cryptocurrencies, with a net buy of $541.88 million in Bitcoin and $246.2 million in Ethereum. This comes after they sold over $16 million worth of the assets on August 14 by transferring them to Coinbase. However, despite this surge in buying activity, the prices of Bitcoin and Ethereum have declined by 3.11% and 2.63%, respectively, over the last seven days.
BlackRock's investors may be looking to reduce selling pressure on these crypto assets going forward. Their continued net buying could potentially stabilize market volatility and provide support for the prices of Bitcoin and Ethereum.