Bitcoin News Today: BlackRock's $115M ETH Move: Fueling Australian ETF Launch Amid Volatility

BlackRock, the world's largest asset manager, has deposited 34,777 ETH—valued at approximately $115 million—into Coinbase, according to Arkham Intelligence tracking. This follows recurring transfers of Bitcoin and Ethereum to Coinbase Prime, signaling continued institutional engagement in the crypto market. The asset manager has been using Coinbase as a primary custodian for its crypto-related operations, including its iShares Bitcoin and Ethereum ETFs and asset tokenization initiatives, as reported by CryptoBriefing.

The latest move comes amid broader market volatility, with Bitcoin and Ethereum both dropping over 4% in the 24 hours preceding the deposit, according to Finbold. Analysts speculate that the transfers could reflect custodial rebalancing or preparation for short-term market plays, particularly as BlackRock announced plans to launch its iShares Bitcoin ETF (IBIT) on Australia's ASX in mid-November. The Australian launch would make the country the fourth to host a spot Bitcoin ETF, following the U.S., Germany, and Switzerland.

BlackRock's crypto holdings remain heavily weighted toward Bitcoin, which accounts for 86% of its $97 billion in digital assets, with Ethereum making up the remaining 14%, Finbold reported. The firm has deposited over $1 billion in BTC and ETH to Coinbase Prime in just five days, including a $383.9 million Bitcoin transfer and a $122 million Ethereum deposit on October 31, according to TradingView's coverage. These movements have raised concerns among traders about potential sell-offs, though BlackRock has not yet executed any large-scale sales.

Market participants are closely watching the asset manager's activity, as its actions could influence broader sentiment. The recent deposits coincide with a broader market selloff, with the crypto market losing roughly $230 billion in value in less than 24 hours, Finbold noted. Leveraged futures liquidations reached $1.27 billion, and the Fear & Greed Index plummeted to 27, indicating extreme bearish sentiment.

BlackRock's custodial strategy appears to prioritize liquidity management and ETF operations. Its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) hold $85 billion and $14 billion in assets, respectively, reported by Cryptopolitan. The firm's total crypto withdrawals to exchanges since March 2024 amount to $17.95 billion, with Coinbase holding the largest share at $17.6 billion.

While the firm's intentions remain unclear, the recurring deposits highlight its growing role in shaping institutional crypto markets. Regulators in the U.S. and Australia have recently taken steps to formalize crypto investment frameworks, with ASIC's recent reclassification of digital assets as financial products, which could further solidify institutional adoption as regulatory clarity improves.