BlackRock has continued to move significant amounts of Bitcoin and Ethereum to Coinbase Prime, sparking fears of potential selling amid persistent ETF outflows. Blockchain tracker Lookonchain reported on Thursday, June 25, that BlackRock deposited 3,410 BTC (valued at approximately $209.64 million) and 5,132 ETH (worth $8.43 million) across a series of seven transfers to the exchange's institutional platform.
This latest batch brings BlackRock's token movements into the spotlight as the broader crypto market faces downward pressure. The transfers follow a pattern of frequent deposits from BlackRock to Coinbase Prime, which often coincide with withdrawals from its Bitcoin and Ethereum ETF products. While deposits to an exchange do not guarantee an immediate sale, the timing has led traders to speculate that the asset manager may be liquidating holdings.
The market has reacted cautiously, with participants noting that if BlackRock is indeed selling, it could exacerbate ongoing volatility. The company has not clarified the reasons behind the transfers.
