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BlackRock has sparked speculation in the broader cryptocurrency space after it moved a sizable volume of Ethereum (ETH) into Coinbase Prime. In a move spotted by Lookonchain, the data analytics platform, BlackRock transferred 101,975 ETH into the crypto platform.
Ethereum dips amid ETF outflows
According to the update, the value of the transfer is placed at $372 million. The massive movement has left many guessing the motive behind the transfer. Usually, such development often signals a possible intention to sell or custody reshuffling.
As reported by U.Today, BlackRock had, before this, engaged in massive stacking of Ethereum. At the end of July, BlackRock had stashed $11.4 billion worth of Ethereum away, within a few weeks. The asset manager accumulated these assets despite market fluctuations.
Notably, the current move might mean that BlackRock intends to make operational changes to its exchange-traded fund offering. With Coinbase Prime's involvement, this seems likely given that the platform is generally used for ETF asset backing and settlement.
If BlackRock decides to sell the entire volume deposited into Coinbase Prime, it could impact market sentiment, which could in turn impact the price of Ethereum on the crypto market. As of press time, the Ethereum price was changing hands at $3,570.33, which reflects a 1.81% decline in the last 24 hours.
The asset slipped from an intraday peak of $3,734.98 to its current price level. A major trigger for the dip was the large ETF outflows as institutional investors went for profit-taking. Hence, the move by BlackRock added to the concerns in the Ethereum community.
Nate Geraci sees more crypto filings ahead
Besides the Ethereum transferred into Coinbase Prime, the asset manager also moved 2,544 Bitcoin (BTC). The value of the Bitcoin transferred was placed at $292 million.
Meanwhile, as the speculation about the transfer continues, a top analyst, Nate Geraci, has again restated his prediction on BlackRock regarding XRP ETF. Geraci believes that the investment giant will eventually file for not just an XRP ETF but also a Solana ETF.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team