BlackRock shifts $980M BTC to new blockchain addresses as markets face ETF outflows

Investment management company and exchange-traded fund issuer BlackRock moved Bitcoin worth $980 million to 29 new blockchain addresses, each now holding 300 ￰0￱ to institutional blockchain address tracker Arkham Intelligence, BlackRock transferred 8,700 BTC at around 1:30 AM UTC ￰1￱ transfers occurred in bits of 300 Bitcoins each to 29 new separate addresses, suggesting that the firm could have sold the assets or moved them for ￰2￱ has been struggling to get back to its all-time high peak of over $124,000, reached on the eve of August ￰3￱ king coin has been dropping further and further away, shedding about 10% from its highs to trade at $112,900 at the time of this publication, 1.44% down in the last ￰4￱ moves Bitcoin after ETF outflow bloodbath BlackRock’s BTC movement comes against the backdrop of US-listed Bitcoin spot exchange-traded funds recording $363 million in outflows on ￰5￱ outgoings are one of their heaviest daily losses in weeks, which saw none of the 12 approved products recording any inflows.

Fidelity’s FBTC accounted for the bulk of the withdrawals, shedding $276.68 ￰6￱ Invest and 21Shares followed with $52.30 million in redemptions. Grayscale’s GBTC logged $24.65 million in outflows, while VanEck’s HODL ETF reduced its holdings by $9.54 million. Bitcoin’s price has not yet shown signs of impact from the ETF bloodbath, although bulls’ hopes for a movement on the upside are likely shattered. Moreover, blockchain analytics platform CryptoQuant reported that the combined assets of leading cryptos Bitcoin, Ethereum, and stablecoins on the ERC-20 and TRC-20 networks have climbed to a record $450 ￰7￱ market is on a selling spree, and BlackRock could also be planning to let go of some of its ￰8￱ the spot Ether ETF side, nine Ethereum ETFs recorded combined outflows of $75.95 ￰9￱ in Bitcoin’s case, Fidelity’s FETH led with $33.12 million withdrawn, while Bitwise’s ETHW and Grayscale ETH saw $22.30 million and $5.4 million in redemptions, respectively.

BlackRock’s ETHA fund also reduced its position by $15.07 million, and no inflows were reported across any of the ￰10￱ Korea secures AI pledge from BlackRock Alongside its Bitcoin market activity, the asset manager was also at the center of a significant political and economic development in South ￰11￱ Lee Jae Myung announced that the asset manager has pledged to help the country position itself as Asia’s hub for artificial intelligence (AI). Lee met with BlackRock chairman and chief executive Larry Fink in New York on Monday to discuss cooperation in technology and renewable ￰12￱ talks have led Seoul’s Ministry of Science and ICT to a signed memorandum of understanding with BlackRock to develop hyperscale AI ￰13￱ agreement involves building massive AI data centers in Korea powered by renewable energy sources to support domestic industries and serve the Asia-Pacific demand.

“AI, the energy transition, and demographic change are the three great transformations facing humanity,” said Ha Jung-woo, Lee’s senior secretary for AI policy and future planning. “Today’s dialogue confirmed common ground between Korea and a leading global investor on forging strategic cooperation.” According to officials involved in the MoU, Fink promised to use BlackRock’s resources and expertise to help Korea become the “AI capital in Asia.” Just last week, the investment manager also announced it would invest up to £500 million ($678 million) in a lesser-tapped segment of the UK’s data center ￰14￱ firm has purchased a site in west London to launch a new venture with operator Gravity Edge, forming Digital Gravity Partners.

Don’t just read crypto ￰15￱ ￰16￱ to our newsletter. It's free .