BlackRock Dumps Bitcoin and Ethereum Worth $180 Million on Coinbase

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BlackRock, the world’s largest asset management firm, has closed the week with additional Bitcoin and Ethereum deposits, suspected to be sell attempts.

On Friday, March 27, blockchain monitoring platform Lookonchain spotted another massive crypto transfer from BlackRock, involving large amounts of Bitcoin and Ethereum to leading U.S.-based crypto exchange Coinbase.

Did BlackRock sell again?

According to the source, the transfers saw BlackRock move 68,578 ETH tokens and 612 BTC to Coinbase Prime, sparking reactions across the crypto community.
With the asset’s current prices amid the broad crypto market slowdown, the transfers were worth a combined total of over $180 million.

The large Ethereum transfer was moved in batches of seven separate transactions, while the Bitcoin transfer happened in only three separate transactions, showing signs of strategic fund redistribution.

Although BlackRock did not clarify the purpose of the large Bitcoin and Ethereum deposits, the crypto community has tagged it as a major sell attempt from the firm considering the slow performances from its ETFs in recent days.

Also, market watchers noted that Coinbase is the firm's custodial platform, hence, it could be preparation for a major move ahead.

BlackRock leads Bitcoin ETF withdrawals

Since the inception of the Bitcoin ETF market, BlackRock has maintained dominance among all existing funds, whether in positive or negative market conditions.

The fund has also maintained its leadership during their last trading session, when all funds registered notable outflows, as the Bitcoin price volatility has fueled a negative shift in investor sentiment.

BlackRock registered the highest withdrawal of $41.92 million, surpassing all other Bitcoin funds, which recorded fewer outflows as momentum begins to fade.
source: https://www.tradingview.com/news/u_today:c8a9eef69094b:0-blackrock-dumps-bitcoin-and-ethereum-worth-180-million-on-coinbase/