BlackRock makes a monster $400 million crypto move

Ethereum ( ETH ) exchange-traded funds ( ETFs ) saw remarkable adoption in August, drawing $3.87 billion in net inflows overall. However, institutional crypto strategies are shifting once again in favor of Bitcoin ( BTC ) as a digital hedge. Namely, on September 3, BlackRock unloaded $151.39 million worth of ETH while purchasing an additional $289.84 million worth of BTC, according to the data retrieved from SoSoValue . BlackRock ETH inflows. Source: SoSoValue Bitcoin ETFs dominating once again As mentioned, the move is not a one-off incident, but rather reflects a broader recalibration in institutional portfolios in a period of increasing macro uncertainty . Indeed, Bitcoin ETFs also recorded $332.7 million in net inflows on Tuesday, September 2, as well after losing around $751 million last month. The accumulation was again led by Fidelity and BlackRock, which reported $132.7 million and $72.8 million in additions. A key driver appears to be expectations around U.S. monetary policy, as traders increasingly bet on looming Federal Reserve rate cuts. According to crypto prediction platform Polymarket , odds of a rate cut in September now stand at 87% . At the time of writing, the world’s largest crypto fund holds $12.97 billion worth of Ethereum, which amounts to 3.10% of the cryptocurrency’s market share. At the same time, the fund controls nearly $84 billion in Bitcoin, or 3.76% of the asset’s total circulating supply. Featured image via Shutterstock The post BlackRock makes a monster $400 million crypto move appeared first on Finbold .