Asset management giant BlackRock has transferred significant amounts of Bitcoin and Ethereum to cryptocurrency exchange Coinbase, coinciding with substantial outflows from its related exchange-traded funds. This development has sparked market speculation about potential large-scale sell-offs despite the firm’s growing Ethereum holdings.
The transfers included 2,544 BTC and 101,975 ETH moved to Coinbase. This occurred alongside notable capital withdrawals from BlackRock’s crypto ETFs, with its Bitcoin fund (IBIT) experiencing $292.21 million in net outflows and its Ethereum fund (ETHA) seeing $374.97 million exit.
Despite these fund outflows, BlackRock concurrently increased its Ethereum holdings to approximately $9.3 billion. Nevertheless, the dual transfers to an exchange platform have raised concerns within cryptocurrency markets about impending selling pressure that could influence price trajectories and broader demand dynamics.