Investment giant BlackRock has reportedly made significant purchases of Bitcoin (BTC) and Ethereum (ETH) via Coinbase Prime, just hours ahead of an emergency announcement from the Federal Open Market Committee (FOMC). Social media reports indicate the asset manager transferred large batches of crypto, including transactions of around 300 BTC (worth approximately $22 million) and 10,000 ETH.
The purchases are believed to be linked to BlackRock's crypto exchange-traded funds (ETFs), specifically the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA), both of which use Coinbase Prime as their custodian. This activity has fueled speculation that institutional investors are strategically positioning themselves in anticipation of a major market-moving announcement from the Federal Reserve.
The emergency FOMC announcement precedes the committee's scheduled meeting on March 17-18. Market expectations heavily favor the Fed holding interest rates steady, with odds surging over 97%. The combination of this institutional buying and easing geopolitical tensions—with Iran reportedly open to negotiations with the U.S.—has contributed to a market rally.
As a result, Bitcoin's price rose to $73,337, marking a 3% gain over 24 hours and a 7% increase over the past week. Ethereum jumped to $2,150, with a nearly 4% daily hike and a 4.4% weekly gain, despite both assets seeing declines over the previous month.
