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American multinational investment giant BlackRock has doubled down on its Bitcoin and Ethereum sell-off as the broader market is yet to recover fully. In the past 24 hours, market data from Onchain Lens shows the firm has deposited 3,402 Bitcoin to Coinbase.
BlackRock Mixed Buying and Selling
Besides the $227.5 million Bitcoin sales, BlackRock also transferred millions in Ethereum, a trend that takes place multiple times weekly.
Per the shared data, the firm sent 15,108 Ethereum, worth $29.52 million, to the top American trading platform. These transactions, per a screenshot that accompanied the update shows fragmented transfers.
These transfers include multiple units of 300 BTC, 10,000 ETH and 5,180 ETH, respectively. BlackRock is considered a net seller of both assets, contributing to the intense selling pressure on the crypto market.
As reported earlier by U.Today, BlackRock sold $671 million in Bitcoin and Ethereum on Coinbase, one of the largest dumpoffs in recent times.
While the company appears to be downsizing its Bitcoin and Ethereum ETF holdings, there are some days it brings in more of the asset. Per Farside Investors data, BlackRock recorded $26.5 million inflows in the iShares Bitcoin Trust as of Feb. 10.
This, however, does not balance out the growing sell-offs recorded in recent times. This move comes as the Bitcoin price is in rebound mode, up 0.8% in 24 hours to $66,916.05.
Net buyers of Bitcoin and Ethereum
While BlackRock is selling, there are other institutions, like Michael Saylor’s Strategy, that are net buyers of Bitcoin. Earlier this week, the business intelligence and software firm acquired Bitcoin as the price fell toward the $60,000 range.
The company has reiterated that it has no plans to sell its Bitcoin holdings, an affirmation that has restored confidence amid BlackRock’s dumping.
For Ethereum, Bitmine and SharpLink Gaming have continued to make new acquisitions, relying on staking to cushion the negative price impact. While the current sentiment on the crypto market is negative, there are projections that this era may serve as a precursor to a massive rebound.
Vladislav Sopov
Dan Burgin