BlackRock’s iShares Ethereum ETF is close to surpassing Coinbase, becoming the second-largest Ether custodian with 3.6 million ETH, just 200,000 behind Coinbase. BlackRock has rapidly accumulated 1.2 million ETH in under two months, potentially overtaking Coinbase by year-end. Meanwhile, Binance leads with 4.7 million ETH, although its growth has stalled. This shift indicates a preference for regulated ETFs over exchange custody, reflecting institutional confidence in both Bitcoin and Ether. BlackRock's Bitcoin holdings have also surged to 745,000 BTC, surpassing both Coinbase and Binance. Coinciding with this trend, Bitcoin and Ether inflows to exchanges have decreased, indicating reduced selling pressure and a tightening supply of these cryptocurrencies. The 30-day average of BTC inflows is at its lowest since May 2023, while Ether inflows have reached historically low levels. Despite Bitcoin ETFs seeing outflows of $1.17 billion last week, recent buying pressure suggests renewed interest. Overall, these developments underscore BlackRock’s growing influence in the crypto market, setting the stage for potential bullish momentum into the year-end.

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