June 27 (Cointime) - According to a report by analytics firm IntoTheBlock, over $1 billion worth of Bitcoin and Ethereum were withdrawn from crypto exchanges due to a surge in buying activity. The report shows that the two leading cryptocurrencies experienced net outflows of $1.4 billion last week, largely due to BlackRock's filing for a spot Bitcoin exchange-traded fund.

The report also indicates that large entities have re-entered the crypto markets following news of the asset management giant's foray into the digital asset space, with entities that control at least 0.1% of Bitcoin's supply in heavy accumulation mode.