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Institutional capital is taking a longer view of crypto markets as short-term liquidity thins out.
That shift is reflected in the first close of a new fund by HashKey Capital, which has secured $250 million in commitments despite choppier trading conditions.
The rise highlights how large investors are repositioning after a volatile period marked by heavy liquidations, ETF outflows, and retreating market makers.
Rather than chasing near-term price moves, capital is increasingly being directed toward infrastructure, financial technology, and real-world blockchain applications with longer-run potential.
HashKey Capital said its fourth crypto-focused vehicle, the HashKey Fintech Multi-Strategy Fund IV, exceeded expectations at its first close and is targeting a final size of $500 million.
The fund is designed to deploy capital across multiple strategies, with a focus on core infrastructure and scalable use cases aimed at broader adoption.
According to the firm, emerging markets are expected to play a central role, as these regions are increasingly acting as testing grounds for blockchain-based financial services and applications.
The timing of the close is notable. Crypto markets have been adjusting after a sharp sell-off earlier in October, when a major liquidation event triggered widespread deleveraging.
In a Tuesday post on X, 10x Research said many traders and market makers had reduced activity following the Oct. 10 crash, contributing to thinner liquidity.
Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that capital is being redeployed or held on the sidelines as conditions tighten.
Fund IV builds on HashKey Capital’s established presence in Asia’s digital asset sector.
Since launching in 2018, the firm has grown to manage more than $1 billion in assets and has invested in over 400 projects globally.
Its first fund recorded a distributed-to-paid-in ratio of more than 10x, underlining the scale of returns achieved in earlier cycles.
The firm is headquartered in Singapore and operates across Hong Kong and Japan.
It is part of the broader HashKey Group, which was among the first in Hong Kong to secure a crypto exchange licence.
The group has also been involved in launching the city’s first spot Bitcoin and Ether ETFs, adding to its regulatory and market footprint.
The fundraise comes shortly after HashKey’s entry into public markets.
Last week, the company made its trading debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.
The listing adds another layer of visibility at a time when scrutiny of crypto firms remains high and access to traditional capital markets is becoming more selective.
Coinbase price made a positive start to the week with a 6% rebound on Monday, Sept. 29, despite persistent bearish headwinds dominating the crypto market since the US Federal Reserve’s rate cut on Sept.
Shares of the crypto exchange giant climbed to an intraday high of $334.38 before settling at $333.99, representing a 6.85% gain and pushing the company’s market capitalization to $85.81 billion. Market analysts frequently track COIN’s movements as a barometer for broader institutional appetite in digital assets.
Coinbase (COIN) Stock Price Rallies 6% on Monday Sept 29, 2025 | Source: Google
On-chain analytics platform Lookonchain flagged large transactions from wallets linked to BlackRock on Monday.
According to Lookonchain, BlackRock deposited 49,607.8 ETH worth $206.17 million and 340.5 BTC valued at $38.18 million into Coinbase Prime. The firm had executed a similar move earlier in September, depositing 4,538 ETH while receiving 293.6 BTC, signaling the transactions could be linked to routine portfolio adjustments.
BlackRock just deposited 49,607.8 $ETH($206.17M) and 340.5 $BTC($38.18M) to #CoinbasePrime an hour ago.https://t.co/qmuDIrPHc6 pic.twitter.com/FoRPYa58GY
— Lookonchain (@lookonchain) September 29, 2025
FarsideUK data shows the asset manager holds roughly 60,818 BTC valued near $86 billion and 13,158 ETH worth $16 billion via its spot ETF offerings on Sept. 29.
As new entrants like US Bancorp or State Street move to encroach custody services market share, BlackRock’s latest transactions reaffirm confidence in Coinbase Prime’s infrastructure.
Coinbase’s rally amid BlackRock’s high-profile deposits mirrors positive traction around early-stage projects like Best Wallet (BEST).
Best Wallet is a multi-chain storage solution designed with institutional-grade security and positioned to disrupt the $11 billion non-custodial wallet market.
Best Wallet Presale
At press time, Best Wallet’s presale has raised more than $16.1 million. With just over 24 hours until the next price tier unlocks, investors can still purchase tokens at $0.0257 through the official website, securing early-holder benefits before the next round.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.