After slowing down for a few days, BlackRock returned to its consistent sell-off activities as the firm was spotted moving large amounts of Bitcoin and Ethereum to Coinbase again.
In just about 24 hours after its last deposits, BlackRock appears to be forming another long streak of steady Bitcoin and Ethereum sell-offs again. On Tuesday, on-chain monitoring firm Lookonchain revealed data showing that the firm moved 2,292 BTC and 9,976 ETH to Coinbase on Tuesday.
While the total deposits are worth nearly $430 million, this marks the second time that BlackRock has moved the tokens in suspected attempts to sell this week.
How long till BlackRock stops selling?
Notably, BlackRock has embarked on this series of Bitcoin and Ethereum deposits over the past months, following the recurring volatilities facing the broad crypto market.
Although BlackRock has not made any clarification on the purpose of its steady crypto transfers, the frequent Bitcoin and Ethereum deposits from the firm to a crypto exchange have been widely perceived as sell attempts among crypto traders.
As such, market watchers are curious about how long the firm will continue selling its Bitcoin and Ethereum holdings and whether it is still holding on to its bullish stance.
The latest deposit made today has coincided with a broad market downtrend, and all leading cryptocurrencies are trading in the red zone, with Bitcoin and Ethereum showing daily decreases of 0.49% and 0.56%, respectively, over the last day.
BlackRock notes $118.64 Million in Bitcoin ETF Outflow
Following BlackRock’s massive sell-out, its Bitcoin ETF recorded a significant outflow of $118.64 million on Monday, suggesting weakened interest among institutional investors.
With such a massive outflow, it is not surprising that the fund has continued to move a substantial portion of its holdings back to Coinbase, as momentum continues to fade.
With the negative trend spreading across the crypto market and major crypto ETFs, the poor market performance has continued to ignite fear among retail investors.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team