BlackRock's $38.9M crypto buy: BTC and ETH inflows spike

BlackRock Inc. (BLK) bought $38.89 million in Bitcoin and Ethereum on June 11, ending a stretch of outflows from its crypto trusts.

The firm's iShares Bitcoin Trust (IBIT) took in $30.26 million in net cash that day, according to SoSoValue data. IBIT held about $48.59 billion in total assets as of Thursday's close.

BlackRock's iShares Ethereum Trust (ETHA) recorded an $8.63 million net inflow on June 11, snapping two straight days of outflows that had totaled roughly $29.11 million. ETHA's net assets stood at about $4.79 billion.

The twin inflows followed a rough start to June. BlackRock's crypto portfolio saw net outflows of roughly $12.45 billion in early June, Finbold reported.

Bitcoin and Ethereum have been stuck in a multi-month bear market, pressured by whale selling. BTC rose 2.47% over the past seven days to $63,440. ETH gained 0.64% to around $1,666.

Institutional investors may be rotating into crypto assets as analysts warn of a potential post-IPO bust, Finbold reported. The question now is whether the June 11 inflows mark a turn or just a blip in a longer liquidation cycle.