Key Insights
- Crypto News: BlackRock moved 1,385 BTC worth $126.3 million, causing Bitcoin price to drop below $91K.
- BlackRock also deposited 799 ETH valued at $2.5 million to Coinbase.
- SpaceX transferred 1,083 BTC worth $100 million from its BTC holdings.
- BTC and ETH in selling pressure ahead of US PCE inflation data.
In major crypto news today, the world’s largest asset manager BlackRock and Elon Musk’s SpaceX moved their Bitcoin and Ethereum holdings to Coinbase.
The transfers sparked concerns in the crypto market as they were executed just before the US PCE inflation report.
Are Bitcoin and Ethereum set to drop below $90,000 and $3,000 amid massive negative sentiment among institutional investors?
Crypto News: BlackRock Moves Massive Bitcoin and Ethereum to Coinbase
According to on-chain expert Onchain Lens, BlackRock transferred another 1,385 BTC worth almost $126.3 million to Coinbase crypto exchange. This sparked selling pressure on Bitcoin.
In addition, BlackRock also deposited 799 ETH valued at $2.5 million into Coinbase. ETH price slipped almost 0.50% immediately after the transfer.
Notably, this comes despite bullish sentiment following Vanguard listing of spot Bitcoin ETFs and spot Ethereum ETFs.
The timing of the transfer has raised concerns among investors as it comes ahead of the September US PCE inflation release by the U.S. Bureau of Economic Analysis.
According to Farside Investors data, BlackRock Bitcoin ETF (IBIT) recorded $113 million in outflows on Thursday. Also, the BlackRock Ethereum ETF (ETHA) saw $28.4 million in inflows.
SpaceX Transfers $100 Million Bitcoin to Coinbase
According to Arkham International, Elon Musk’s SpaceX moved massive 1,083 BTC worth $100 million to an unknown wallet today.
The on-chain expert claimed the latest transfer likely moved Bitcoin holdings to Coinbase Prime for custody.
On-chain data revealed SpaceX primary wallet still held 5,012 BTC worth $461.7 million at the time of writing. SpaceX has moved its Bitcoin holdings in millions to unknown wallets and Coinbase in the last few months.
This sparked concerns among investors as the crypto market awaits next week’s FOMC Meeting. The market expects a 25 bps Fed rate cut next week, but BTC transfer by SpaceX causing panic among investors.
BTC and ETH Prices Under Selling Pressure Due to Options Expiry
Bitcoin price tumbled 2% to below $91K over the last 24 hours. At the time of writing, the price was trading $91,122 amid negative crypto news of BlackRock and SpaceX transfers.
The 24-hour low and high were $90,976 and $93,223, respectively. Trading volume has dropped by almost 20% over the last 24 hours, indicating a lack of interest among traders.
According to Glassnode, Bitcoin crash triggered the largest increase in realized losses since the FTX collapse in late 2022.
Short-term holders (STHs) saw heavy losses, while LTH losses remained comparatively contained. This shows stress is largely on recent buyers.
Ethereum price plunged to $3,071 before bouncing back to $3,123 at the time of writing. However, the price was down nearly 4% in the last few days.
The 24-hour low and high were $3,071.31 and $3,223.17, respectively. Furthermore, the trading volume has dropped by 17% in the last 24 hours.