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Following a pause on Christmas Day, Blackrock resumed selling, with Bitcoin and Ethereum being moved to Coinbase, according to on-chain sources.
According to Onchain Lens, BlackRock deposited 1,044 BTC worth $91.9 million and 7,557 ETH worth $22.41 million into Coinbase and might deposit further.
On Dec. 24, BlackRock deposited 2,292 BTC worth $199.8 million and 9,976 ETH worth $29.23 million to Coinbase Prime, Lookonchain reported.
Blackrock has often moved significant amounts of Bitcoin and Ethereum to major crypto exchange Coinbase in recent months.
Although no official statements have been made by BlackRock, the shift of Bitcoin and Ethereum to Coinbase on a regular basis has often piqued the attention of the crypto market.
Bitcoin quietly setting up a multiweek move?
Bitcoin is headed for the fourth annual decline in its history, and the first one that did not coincide with a major scandal or industry meltdown. Bitcoin is now about 7% lower for the year. It was trading at about $88,692 at press time.
According to 10x Research, Bitcoin has spent several weeks now trading sideways, frustrating both bulls and bears, yet the forces shaping the next move seem to be quietly shifting beneath the surface.
10x Research highlighted a rare alignment between options positioning, with volatility shrinking as technical exhaustion begins to emerge, one which remains crucial at this point.
While capital flows seem lacking, opportunities have not yet disappeared, but just waiting for the right timing.
Amid year-end positioning, several overlooked signals are converging unusually, indicating that the market may be far closer to an inflection point than price action alone suggests.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team