Global asset management giant BlackRock has recently adjusted its allocation of crypto assets, selling approximately $151 million worth of Ethereum (ETH) and transferring nearly $290 million into Bitcoin (BTC). Nevertheless, the prices of the two major assets have still fallen in the short term. This flow of funds not only shows a high match between on-chain data and ETF fund flows, but also indicates that institutional investors' preference for Bitcoin is further intensifying, solidifying BTC's position as a safe-haven asset in the digital asset market. At the same time, Ethereum whales continue to accumulate, and governance reforms within the foundation provide potential support for ETH's long-term rise.
Institutional capital flow drives market divergence
Arkham data shows that BlackRock-related wallet addresses transferred out approximately $151.4 million in ETH and bought about $289.8 million in BTC almost simultaneously. SoSoValue's ETF data verifies this on-chain dynamic: iShares Ethereum Trust (ETHA) saw an outflow of $151.39 million, while iShares Bitcoin Trust (IBIT) recorded an inflow of $289.84 million. This rare occurrence of on-chain transfers aligning closely with ETF liquidity highlights the direct impact of institutional behavior on market prices.
Bitcoin ETF becomes the main entry point for capital
In BTC products, BlackRock's IBIT leads with an inflow of nearly $290 million, Fidelity's FBTC increased by $9.76 million, and Grayscale's BTC products saw an increase of $28.83 million. Overall, BlackRock has become the main driving force behind recent Bitcoin capital flows. In contrast, Ethereum ETFs show a markedly opposite trend: large-scale outflows occurred for ETHA, while Fidelity's FETH increased by $65.78 million, and Bitwise's ETHW increased by $20.81 million, but this still struggles to offset the capital withdrawal trend from BlackRock.
Market prices under short-term pressure
TradingView data shows that Bitcoin has fallen 2.09% today, trading at $109,422, with a weekly decline of 1.68%; Ethereum has seen an even larger drop, down 3.29% to $4,306, giving back recent gains. Despite the short-term pressure, both assets have performed strongly this year, with BTC up over 90% and ETH up 77% year-to-date, but during this round of market adjustment, ETH has faced greater selling pressure.
Institutional Preference for Bitcoin Expands
The wheel of fortune turns. BlackRock's rebalancing of its cryptocurrency asset portfolio marks a significant increase in institutional preference for BTC. The net inflow into its Bitcoin ETF has exceeded $58 billion, while the cumulative net inflow into its Ethereum ETF is approximately $12.97 billion, with the gap continuing to widen. This trend suggests that the market may continue to be dominated by BTC in the coming weeks, unless Ethereum has a new strong catalyst. Previously, BlackRock simultaneously sold $111 million in BTC and $254 million in ETH, indicating that its strategic adjustments are frequent and decisive.
Ethereum Whale Accumulation Intensity Increases
On-chain analysis platform Santiment's data shows that since April, the top holders of Ethereum have increased their holdings by 14%, accumulating over 5.54 million ETH. This is one of the most aggressive whale buying waves in recent years, providing support for ETH's potential push to $5,000. At the beginning of April, when ETH fell to the $1,400–$1,500 range, a large number of addresses completed their accumulation layout, and subsequently, the ETH price steadily rebounded, breaking through $3,000, and recently fluctuated in the $4,400–$4,600 range.
Market Signals of Whale Group Differentiation
Currently, the whale community is polarized: super whales (holding over 10,000 ETH in a single address) bought over 2 million ETH in August, driving the market up, but have recently paused their accumulation; large whales (holding 1,000–10,000 ETH) restarted buying in August, adding 400,000 ETH within 30 days. If large whales continue to buy while super whales watch from the sidelines, the ETH price will maintain a slow rise; however, if both types of whales retreat simultaneously, the price may stagnate.
Ethereum Foundation Governance Reform Enhances Confidence
In April, the Ethereum Foundation completed significant high-level adjustments: Aya Miyaguchi was appointed as the Foundation's President, Tomasz Stańczak and Hsiao-Wei Wang became Co-Executive Directors, and the team focused on three major priorities: Layer 1 scaling, Blobspace expansion, and user experience optimization. The governance structure adjustment strengthened market confidence in long-term technical routes such as the Pectra upgrade, further validating the strategic foresight of whales in buying ETH at low levels.
The technical indicators point to a target of $5,260
(Source: TradingView)
Technical charts show that ETH is forming a symmetrical triangle pattern on the three-day chart, which is typically a continuation consolidation pattern. Once it breaks above the resistance level, the price is expected to hit $5,260, consistent with the measured upward target of this pattern. Combined with on-chain capital inflows, whale holdings, and technical signals, ETH is expected to steadily approach the key psychological level of $5,000 by the end of the year or in 2025.
Conclusion
BlackRock's changes in cryptocurrency asset allocation fully demonstrate the influence of institutional funds on the crypto market. The price fluctuations of BTC and ETH are almost synchronized with ETF fund flows, showing that traditional financial power is becoming the main driving force in the market. Although short-term fund rotation is more inclined towards Bitcoin, the continuous accumulation by Ethereum whales and governance reforms by the foundation provide a long-term bullish logic. In the future, the market will continue to seek a balance between institutional strategies and technological upgrades, and crypto users need to closely monitor fund flows and on-chain data changes.
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BlackRock shifts $151 million Ethereum position to Bitcoin, institutional preference for BTC expands again.
Global asset management giant BlackRock has recently adjusted its allocation of crypto assets, selling approximately $151 million worth of Ethereum (ETH) and transferring nearly $290 million into Bitcoin (BTC). Nevertheless, the prices of the two major assets have still fallen in the short term. This flow of funds not only shows a high match between on-chain data and ETF fund flows, but also indicates that institutional investors' preference for Bitcoin is further intensifying, solidifying BTC's position as a safe-haven asset in the digital asset market. At the same time, Ethereum whales continue to accumulate, and governance reforms within the foundation provide potential support for ETH's long-term rise.
Institutional capital flow drives market divergence
Arkham data shows that BlackRock-related wallet addresses transferred out approximately $151.4 million in ETH and bought about $289.8 million in BTC almost simultaneously. SoSoValue's ETF data verifies this on-chain dynamic: iShares Ethereum Trust (ETHA) saw an outflow of $151.39 million, while iShares Bitcoin Trust (IBIT) recorded an inflow of $289.84 million. This rare occurrence of on-chain transfers aligning closely with ETF liquidity highlights the direct impact of institutional behavior on market prices.
Bitcoin ETF becomes the main entry point for capital
In BTC products, BlackRock's IBIT leads with an inflow of nearly $290 million, Fidelity's FBTC increased by $9.76 million, and Grayscale's BTC products saw an increase of $28.83 million. Overall, BlackRock has become the main driving force behind recent Bitcoin capital flows. In contrast, Ethereum ETFs show a markedly opposite trend: large-scale outflows occurred for ETHA, while Fidelity's FETH increased by $65.78 million, and Bitwise's ETHW increased by $20.81 million, but this still struggles to offset the capital withdrawal trend from BlackRock.
Market prices under short-term pressure
TradingView data shows that Bitcoin has fallen 2.09% today, trading at $109,422, with a weekly decline of 1.68%; Ethereum has seen an even larger drop, down 3.29% to $4,306, giving back recent gains. Despite the short-term pressure, both assets have performed strongly this year, with BTC up over 90% and ETH up 77% year-to-date, but during this round of market adjustment, ETH has faced greater selling pressure.
Institutional Preference for Bitcoin Expands
The wheel of fortune turns. BlackRock's rebalancing of its cryptocurrency asset portfolio marks a significant increase in institutional preference for BTC. The net inflow into its Bitcoin ETF has exceeded $58 billion, while the cumulative net inflow into its Ethereum ETF is approximately $12.97 billion, with the gap continuing to widen. This trend suggests that the market may continue to be dominated by BTC in the coming weeks, unless Ethereum has a new strong catalyst. Previously, BlackRock simultaneously sold $111 million in BTC and $254 million in ETH, indicating that its strategic adjustments are frequent and decisive.
Ethereum Whale Accumulation Intensity Increases
On-chain analysis platform Santiment's data shows that since April, the top holders of Ethereum have increased their holdings by 14%, accumulating over 5.54 million ETH. This is one of the most aggressive whale buying waves in recent years, providing support for ETH's potential push to $5,000. At the beginning of April, when ETH fell to the $1,400–$1,500 range, a large number of addresses completed their accumulation layout, and subsequently, the ETH price steadily rebounded, breaking through $3,000, and recently fluctuated in the $4,400–$4,600 range.
Market Signals of Whale Group Differentiation
Currently, the whale community is polarized: super whales (holding over 10,000 ETH in a single address) bought over 2 million ETH in August, driving the market up, but have recently paused their accumulation; large whales (holding 1,000–10,000 ETH) restarted buying in August, adding 400,000 ETH within 30 days. If large whales continue to buy while super whales watch from the sidelines, the ETH price will maintain a slow rise; however, if both types of whales retreat simultaneously, the price may stagnate.
Ethereum Foundation Governance Reform Enhances Confidence
In April, the Ethereum Foundation completed significant high-level adjustments: Aya Miyaguchi was appointed as the Foundation's President, Tomasz Stańczak and Hsiao-Wei Wang became Co-Executive Directors, and the team focused on three major priorities: Layer 1 scaling, Blobspace expansion, and user experience optimization. The governance structure adjustment strengthened market confidence in long-term technical routes such as the Pectra upgrade, further validating the strategic foresight of whales in buying ETH at low levels.
The technical indicators point to a target of $5,260
(Source: TradingView)
Technical charts show that ETH is forming a symmetrical triangle pattern on the three-day chart, which is typically a continuation consolidation pattern. Once it breaks above the resistance level, the price is expected to hit $5,260, consistent with the measured upward target of this pattern. Combined with on-chain capital inflows, whale holdings, and technical signals, ETH is expected to steadily approach the key psychological level of $5,000 by the end of the year or in 2025.
Conclusion
BlackRock's changes in cryptocurrency asset allocation fully demonstrate the influence of institutional funds on the crypto market. The price fluctuations of BTC and ETH are almost synchronized with ETF fund flows, showing that traditional financial power is becoming the main driving force in the market. Although short-term fund rotation is more inclined towards Bitcoin, the continuous accumulation by Ethereum whales and governance reforms by the foundation provide a long-term bullish logic. In the future, the market will continue to seek a balance between institutional strategies and technological upgrades, and crypto users need to closely monitor fund flows and on-chain data changes.