Investment giant BlackRock has transferred 2,544 Bitcoin (approximately $292 million) and 101,975 Ethereum (roughly $372 million) to cryptocurrency exchange Coinbase Prime. This activity signals a potential shift from accumulation to sell-off positioning as transfers to exchanges typically precede institutional selling.
The movement coincides with significant outflows from spot Bitcoin and Ethereum exchange-traded funds, which shed over $1.5 billion within four consecutive trading days. Industry analysts interpret this combined activity as institutional profit-taking amid bearish market sentiment and broader cryptocurrency price declines.
Current market conditions show Bitcoin trading near $114,000 and Ethereum around $3,625, with both assets experiencing downward pressure. The ETF withdrawals and large-scale exchange transfers are viewed as key contributors to recent price deterioration and shifting market dynamics.
BlackRock’s latest transfers align with historical patterns where deposit activity onto exchanges often foreshadows institutional selling campaigns. This action is exacerbating negative sentiment already fueled by the ongoing volatility across cryptocurrency markets.