BlackRock’s Recent Transfer of Bitcoin and Ethereum Sparks Speculation on Potential Market Moves
Main Idea
BlackRock transferred $664 million worth of Bitcoin and Ethereum to Coinbase Prime, sparking speculation about potential asset liquidation and its impact on market dynamics.
Key Points
1. BlackRock moved 101,975 ETH and 2,544 BTC (worth $664 million) to Coinbase Prime, linked to their iShares Bitcoin Trust (IBIT) and Ethereum Trust (ETHA).
2. The transfer has raised concerns about a potential sell-off, despite positive performance of IBIT (NAV at $65.22) and ETHA (NAV at $27.82).
3. If BlackRock proceeds with liquidation, it could exert downward pressure on Bitcoin and Ethereum prices, especially during low trading volumes.
4. The move may indicate a shift in BlackRock’s strategy, impacting market dynamics.
Description
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