$135 Million in Ethereum Sold by BlackRock Amid Crypto Market Resurgence

BlackRock is not holding back on its rapid Ethereum-selling streak, even despite the massive crypto market resurgence witnessed over the last day. 

Data from on-chain monitoring firm Lookonchain has revealed another huge Ethereum deposit from the firm.

Amid the strong crypto price rebounds, BlackRock has again moved a massive 44,140 ETH, worth about $135.36 million, to Coinbase Prime in a suspected sell-off attempt on Wednesday, December 3.

The latest Ethereum deposit from BlackRock has happened in four batches of 10,000 ETH and a single 4,140 ETH transfer, bringing the total amount of ETH deposited today to 44,140.

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While the move has sparked discussions across the crypto community, it marks the latest in about a month-long streak of crypto sell-offs from the leading asset manager’s Ethereum ETF wallet.

While BlackRock has repeatedly pulled large amounts of its holdings to Coinbase since last month, the move comes as no major surprise. However, the crypto ecosystem is increasingly getting curious about the motive behind the rapid sell-off.

BlackRock maintains selling streak 

Although speculators had earlier assumed that BlackRock’s steady Bitcoin and Ethereum dump-offs were a response to the prolonged market downturn seen throughout November, BlackRock has not yet slowed down on the move despite the ongoing crypto market rally.

Over the last day, Ethereum has surged by over 7%, finally reclaiming its multi-week high of $3,100 amid the broad crypto market resurgence that has seen leading cryptocurrencies record high price gains in the last 24 hours.

Notably, the continued selling streak from BlackRock has further invalidated speculations that it has only embarked on the aggressive selling streak to hedge against the prolonged crypto market rally.

Contrary to the assumptions, the leading asset manager has accelerated its Bitcoin and Ethereum deposits even as crypto markets flip bullish again, instead of pausing after the sharp correction.

While the firm has yet to clear speculations regarding its consistent transfers, debates about whether the movements are a mere ETF rebalancing, profit-taking activities, or a broader strategic shift in sentiments have continued to linger.