BlackRock might not be slowing down on its aggressive crypto deposits anytime soon, as data from on-chain monitoring firm Lookonchain shows that the firm has offloaded another massive amount of Bitcoin and Ethereum today.
According to the data source, the leading asset management firm made another major deposit of 2,822 BTC and 36,283 ETH into Coinbase Prime on Monday, November 24. The move, which appears to be another of its repeated sell attempts, has sparked discussions across the crypto community.
As such, BlackRock has dumped a combined total of over $344 million in Bitcoin and Ethereum, specifically moving out $243.59 million worth of BTC and $101.72 million in ETH within minutes.
BlackRock ignores rebound signal
While the latest sell-off attempt has come at a time when the market is showing signs of a potential rebound as the rapid price correction slows down, it appears that BlackRock is not willing to pause its selling streak despite the market’s green light.
Just last week, BlackRock dumped over $2 billion in Bitcoin and Ethereum amid the market downturn. While the multiple series of offloads in Bitcoin and Ethereum lately suggest that BlackRock has embarked on a journey to steadily deflate its holdings, it is not certain if the firm will be taking a break soon.
Hence, market analysts are worried about the move disrupting the market’s potential recovery.
While the market appears to be experiencing a slow but gradual shift in market sentiment, Bitcoin has only seen a mild price dip of 0.57% over the last day, trading at $86,237 as of writing time.
Ethereum, on the other hand, has slightly shifted to the green zone, showing a decent price surge of 0.34%, while its price is sitting at $2,828 as of writing time.
Although the asset manager has yet to clarify the motive behind the persistent crypto deposits, analysts suspect that the firm is taking caution amid prolonged volatility and has been moving the heavy stacks of BTC and ETH in attempts to sell them off.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team