$642 Million In Bitcoin And Ethereum Moved By BlackRock In…

BlackRock moves $642M in BTC and ETH to Coinbase Prime

BlackRock has sparked concern with its steady offloading of Bitcoin and Ethereum after its latest deposit of 4,880 BTC and 54,730 ETH.

– Large transfers. BlackRock moved 4,880 BTC and 54,730 ETH to Coinbase Prime.

With the crypto market consistently trading in deep reds and sparking fear that the market has already entered its bear phase, BlackRock has ignited more doubts with its recent move.

On Monday, November 17, data from on-chain monitoring firm Lookonchain shows that the leading asset management firm made another major deposit of 4,880 BTC and 54,730 ETH into Coinbase Prime.

– Sell-off concerns. Market watchers view the transfers as a potential sell-off attempt.

Although the investment firm has not given any clarity about the motive behind such large moves, market watchers have speculated that it is an attempt to sell off its holdings. According to the data provided by the tracker, BlackRock has transferred Bitcoin and Ethereum worth a combined total of over $642 million into a wallet on Coinbase Prime, hinting at a potential sell-off attempt.

Notably, the move is garnering more attention from market participants, as it has been observed that the once-aggressive Bitcoin and Ethereum accumulator has not made any notable crypto purchases in a while. Rather, BlackRock has only continued to move both assets in large quantities recently.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.