BlackRock has transferred Bitcoin and Ethereum tokens worth a combined total of $180 million to Coinbase as its ETFs continue to see steady withdrawals.
BlackRock has transferred Bitcoin and Ethereum tokens worth a combined total of $180 million to Coinbase as its ETFs continue to see steady withdrawals. BlackRock, the world’s largest asset management firm, has closed the week with additional Bitcoin and Ethereum deposits, suspected to be sell attempts.
90 Million ADA Deposit to Binance Shakes Cardano Price, XRP 'Juicy' Setup Eyeing $1.5 Short Squeeze: CryptoQuant, Shiba Inu Targets 37% Golden Cross Rally for Q2: Morning Crypto ReportWith 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.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 theBlackRock registered the highest withdrawal of $41.92 million, surpassing all other Bitcoin funds, which recorded fewer outflows as momentum begins to fade.
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