BlackRock’s major crypto reallocation has sparked market attention as the world’s largest asset manager shifted $561 million from Bitcoin to Ethereum between May 30 and June 2. The move comes amid rising speculation of an upcoming “altseason,” with Ethereum showing signs of technical breakout against Bitcoin.
The rebalancing involved the transfer of 5,362 BTC to Coinbase Prime, with a simultaneous acquisition of 27,241 ETH worth around $69 million. This activity aligned with significant outflows from BlackRock’s iShares Bitcoin Trust, which recorded $430.8 million in outflows on May 30 and another $130.4 million on June 2.
But BlackRock wasn’t alone. On August 5, both BlackRock and Fidelity executed large crypto transfers to Coinbase Prime, totaling over $717 million. According to blockchain analytics firm Lookonchain, BlackRock moved $664 million in ETH and BTC, while Fidelity transferred 14,978 ETH worth $53.57 million.
The institutional activity coincided with a breakout in the ETH/BTC pair, surpassing the 0.016 BTC level—historically linked to the start of the 2021 altcoin rally. Technical indicators such as RSI and Stochastic RSI also entered bullish territory, echoing past altcoin cycle patterns.
Crypto analyst EGRAG CRYPTO noted that Ethereum’s dominance rose to 12% for the first time in five years, with projections suggesting a possible rise to 14%. If Bitcoin hits the $150,000–$175,000 range, Ethereum could target price levels between $8,160 and $15,352.
Following BlackRock’s August 5 transfers, Ethereum dipped 1.81%, reflecting short-term volatility. However, the firm’s continued ETH accumulation—with no sales since May 7—signals confidence in Ethereum’s long-term potential.
The coordinated use of Coinbase Prime underscores a trend toward trusted custodial services in the digital asset space. Analysts are now watching the 0.025 BTC and 0.034 BTC resistance levels for ETH/BTC to assess if a sustained altcoin cycle is underway, similar to what occurred in 2021.
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