BlackRock once again moved large volumes of Bitcoin and Ethereum to Coinbase, reinforcing the selling pressure coming from institutional products. The asset manager transferred crypto assets worth approximately $214 million, according to on-chain data.
According to Lookonchain, BlackRock sent 2,201 BTC and 7,557 ETH to the exchange in a single transaction. This transfer adds to a series of similar deposits recorded over recent weeks, which the market interprets as effective sales. The move coincided with sizable outflows from the firm’s spot ETFs during the latest trading session.
The IBIT Bitcoin ETF posted daily net outflows of $192.61 million, equivalent to roughly 2,200 BTC, reducing its assets under management to $67.41 billion. Meanwhile, the ETHA Ethereum ETF also recorded net withdrawals of $22.12 million, around 7,560 ETH, along with a daily decline of 0.41%, bringing its assets down to $10.18 billion.
BlackRock did not issue any official comments regarding the purpose of the transfers
Source: https://intel.arkm.com/explorer/entity/blackrock
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