BlackRock remains affected by the consistent outflows witnessed across both the Bitcoin and Ethereum ETF markets, and has continued to offload large amounts of its holdings.
In a familiar move showcased by blockchain monitoring platform Lookonchain, BlackRock has deposited another 3,410 BTC and 5,132 ETH to Coinbase Prime in multiple transfers spotted on Thursday, June 25.
BlackRock dumps crypto non-stop
The data further revealed that the Bitcoin and Ethereum transfers were worth $209.64 million and $8.43 million, respectively, per the assets' prices at the time of the transactions.
The total deposits happened in a series of about seven separate transfers, with nearly all of them carrying 300 BTC each, while only one separate transfer moved Ethereum to the Coinbase wallet.
While this transfer happened at a time when the broader crypto market is facing downside pressure, market watchers fear that the move from BlackRock could further fuel the ongoing volatility.
Did BlackRock actually sell?
Although BlackRock did not clarify the reason it has continued to offload large stashes of its Bitcoin and Ethereum holdings on Coinbase, the transfers have triggered speculation across the market, with traders interpreting them as potential attempts to sell.
It is important to note that deposits to Coinbase Prime or other crypto exchanges do not necessarily confirm an immediate sale. However, investors have become suspicious of BlackRock's frequent deposits, as the timing of the transfers has intensified concerns and signals that BlackRock might actually be selling.
This is more apparent, as the company has been found to sell only when its ETF products record withdrawals during their daily trading sessions.
U.Today Editorial Team
Dan Burgin
