In just about 24 hours after its large crypto offload, the renowned asset management firm BlackRock has turned heads with another massive transfer in Bitcoin and Ethereum, according to data from on-chain monitoring firm Lookonchain.
The data shows that BlackRock has once again deposited 3,064 BTC and 64,707 ETH into Coinbase Prime on Tuesday, November 18.
While the multiple series of offloads in Bitcoin and Ethereum lately suggest that BlackRock has embarked on a journey to steadily deflate its holdings amid the severe crypto market correction, market analysts are worried about how this could further affect market conditions.
BlackRock sparks crypto market fears
According to the data showcased by the source, BlackRock has dumped a combined total of over $478 million in Bitcoin and Ethereum, specifically moving out $280 million worth of BTC and $198 million in ETH within minutes.
It is important to note that the move came just about 24 hours after BlackRock deposited a massive $642 million in crypto assets into the same Coinbase Prime address.
While the repeated crypto transfers, which were executed in multiple batches, moved in similar patterns, both deposits executed yesterday and today saw a series of 300 BTC or 10,000 ETH moving at a time.
Hence, this has raised more curiosity among market participants as to whether BlackRock is moving to sell off its holdings or if it is simply making a deliberate institutional adjustment related to its ETF product.
Nonetheless, the frequent Bitcoin and Ethereum deposits conducted by BlackRock have been widely perceived as a sell attempt among crypto traders, sparking debates about whether it is still holding on to its bullish stance.
With Bitcoin and Ethereum showing no major signs of recovery amid the prolonged market correction, speculations suggest that the market may have already concluded its bullish phase.
As such, these speculations, coinciding with BlackRock’s consistent sell-off, have increasingly ignited panic selling across the market, as investors appear to be gradually losing confidence in the leading cryptocurrencies.
At the time of writing, both Bitcoin and Ethereum remain in the red zone, with the former trading around $92,874 and the latter trading around $3,122.