BlackRock Dumps $214 Million Worth of Bitcoin and Ethereum on Coinbase

BlackRock has shown no sign of slowing down its consistent sell-off activities involving regular deposits of Bitcoin and Ethereum to Coinbase.

On Monday, December 29, BlackRock moved another batch of Bitcoin and Ethereum tokens to Coinbase. This time, the firm transferred thousands of BTC and ETH simultaneously.

$214 million in BTC and ETH exits BlackRock 

While BlackRock appears to be forming another long streak of steady Bitcoin and Ethereum sell-offs, on-chain monitoring firm Lookonchain disclosed data showing that the firm moved 2,201 BTC and 7,557 ETH to Coinbase a few minutes ago.

At the asset prices at the time of the transaction, the deposited tokens were worth over $214 million in total, marking the first sell-off attempt of the new week.

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BlackRock has continued to draw the attention of market watchers, as it has frequently moved significant amounts of Bitcoin and Ethereum to the major crypto exchange Coinbase in recent months.

This move has stirred speculation about the firm’s positioning in anticipation of a near-term bearish cycle, even though no official statement has been released by BlackRock to clarify the purpose of its consistent crypto deposits.

IBIT and ETHA note large outflows

These consistent Bitcoin and Ethereum deposits have been reflected in the firm’s ETF offerings, as its Bitcoin ETF (IBIT) and Ethereum ETF (ETHA) recorded notable outflows during their last trading sessions.

While the move signals continued selling pressure in BlackRock’s investment products involving both Bitcoin and Ethereum, the impact has been clearly visible across its funds.

Notably, BlackRock’s spot Bitcoin ETF (IBIT) recorded daily net outflows of $192.61 million, with about 2,200 BTC moving out of the fund. The fund’s market price also felt the negative momentum, as its net assets declined to $67.41 billion.

Furthermore, BlackRock’s Ethereum ETF (ETHA) also experienced notable withdrawals amid sustained selling pressure. The fund posted daily net outflows of $22.12 million, with 7,560 ETH exiting the fund. This pushed its net assets down to $10.18 billion, as the ETF declined by 0.41%.