Asset management giant BlackRock transferred 2,544 Bitcoin (BTC) and 101,975 Ethereum (ETH), valued at approximately $664 million, to its institutional custody partner Coinbase Prime. The assets originated from BlackRock’s iShares Bitcoin Trust (IBIT) and Ethereum Trust (ETHA), raising market concerns about potential liquidation.
Despite strong performance metrics for both funds—with IBIT’s net asset value (NAV) at $65.22 and ETHA’s NAV at $27.82—the large-scale movement triggered speculation about imminent selling pressure. Market analysts warn that such a sale could amplify downward price volatility for BTC and ETH, particularly during periods of thin trading volume.
The timing and scale of the transfer suggest possible strategic portfolio adjustments by BlackRock, potentially signaling evolving institutional approaches to cryptocurrency holdings. If executed, these disposals may disrupt current market dynamics and liquidity conditions across major exchanges.