Just a day after its last Ethereum deposit that raised eyebrows across the crypto community, leading investment firm BlackRock has executed another massive offload in Bitcoin and Ethereum.
On Thursday, October 6th, renowned on-chain crypto tracking platform Lookonchain announced another major deposit of 4,653 BTC and 57,455 ETH into Coinbase Prime.
What is BlackRock up to?
According to data shared by the source, BlackRock transferred about $478.5 million in BTC and $194.9 million in ETH, worth a total of over $673 million, to Coinbase Prime within the last few hours.
It is important to note that the move came just 24 hours after BlackRock deposited 34,777 ETH worth approximately $114.97 million into the same Coinbase Prime address.
Notably, the repeated transfers — executed in multiple batches of roughly 300 BTC or 10,000 ETH at a time— signal a deliberate institutional positioning, likely an attempt to sell off large portions of its holdings.
While BlackRock is known to manage the world’s largest Bitcoin ETF and recently launched its Ethereum ETF, it has continued to dominate the ETF ecosystem with consistent daily inflows.
However, the frequent sell attempts the firm has executed recently have raised questions about whether it is still holding on to its bullish stance.
While major Bitcoin funds like BlackRock often move assets to adjust holdings and match inflows or market demand, some commentators believe the firm could simply be providing liquidity for ETF operations rather than exiting its positions.
Nonetheless, the timing of the transaction has triggered greater concern, as it coincides with Bitcoin, Ethereum, and major altcoins sliding aggressively over the past week.
With speculations suggesting that the market may have already concluded its bullish phase, panic selling has spread across the market as investors gradually lose confidence.
Thus, BlackRock’s suspected sell activity has heightened fear among traders as the market continues to remain in deep red territory.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team