BlackRock’s on-chain address holds $64.62 billion in native $BTC and $ETH , with only 4,130 $USDT in stablecoins. The figures reported by Onchain Lens on November 10 make its on-chain role clear: custody, not a trading desk.
ETF creations and redemptions happen on the cash and authorized participant side; on-chain wallets are only there to keep the coins safe. If it were actually making markets or rebalancing, it wouldn’t leave stablecoins at this scale. 4,130 tokens are a drop in the bucket beside these assets.
So this looks more like a holdings snapshot than a signal of fund flows. Whether BlackRock has been adding to its position or handling redemptions over the past two days can’t be determined from the on-chain balance alone; you’d need to check the daily share changes disclosed for IBIT and ETHA. The next time this address moves will be more informative.
#贝莱德 #比特币ETF #On-chain data
ETF creations and redemptions happen on the cash and authorized participant side; on-chain wallets are only there to keep the coins safe. If it were actually making markets or rebalancing, it wouldn’t leave stablecoins at this scale. 4,130 tokens are a drop in the bucket beside these assets.
So this looks more like a holdings snapshot than a signal of fund flows. Whether BlackRock has been adding to its position or handling redemptions over the past two days can’t be determined from the on-chain balance alone; you’d need to check the daily share changes disclosed for IBIT and ETHA. The next time this address moves will be more informative.
#贝莱德 #比特币ETF #On-chain data