Blackrock (BLK) moved nearly $124.4M worth of Bitcoin (BTC-USD) and Ethereum (ETH-USD) to wallets linked with Coinbase (COIN) on Friday.
Image comes from seekingalpha.com
This institutional transfer came as the crypto market slipped deeper into a risk-off mood amid crypto ETF outflows, liquidation, and the ongoing US-Iran war.
On-chain data from Arkham Intel and Onchain Lens showed BlackRock transferred 1.2K BTC worth around $98.2M and 11.5K ETH valued near $26.3M while BTC traded close to ~$80K and ETH near ~$2.29K.
BlackRock moved BTC and ETH to Coinbase (Arkham Intelligence)
The large exchange deposits immediately caught traders’ attention because such wallet movements are often considered a sign of potential selling pressure or OTC positioning by institutional investors.
The timing became more important because the company has emerged as one of the biggest drivers of crypto ETF flows this year. In Q1, the company generated $130B in total net inflows, including a record $132B in ETF inflows led by strong demand for bond, equity, and active ETFs.
The market weakness spread across crypto-linked equities, with MARA Holdings .
This news comes from seeking alpha.com