After outflows of approximately $10 billion worth of cryptocurrencies by early February, the asset management giant BlackRock (NYSE: BLK) appears to once again be preparing a substantial digital assets sale.
Specifically, in the early morning hours of February 24, the company started moving approximately 1,800 Bitcoins (BTC) – worth about $115 million – and more than 24,000 Ethereum (ETH) – worth some $44 million – to Coinbase Prime wallets, based on the latest data Finbold retrieved from Arkham Intel.
Part of BlackRock’s BTC and ETH transfers to Coinbase Prime. Source: ArkhamThe move into the cryptocurrency exchange could signal an intent to dump the approximately $160 million worth of crypto in the coming hours and days.
Such a move appears especially likely as digital assets have suffered a massive 24-hour plunge, and spot exchange-traded funds (ETFs) continue seeing significant outflows.
Bitcoin closes in on 2026 lows
Indeed, between the night of February 22 and the morning of February 24, the total cryptocurrency market capitalization fell by $140 billion. At the same time, Bitcoin’s valuation decreased by $90 billion.
Furthermore, BTC is approaching its previous 2026 lows as it had plunged 5% in the last 24 hours and is, at press time on Tuesday, changing hands at $62,926. Ethereum did not fare much better, considering it dropped 5.67% in a day and is trading at $1,814.
Bitcoin and Ethereum one-day price charts. Source: FinboldNearly $900m worth of Bitcoin and Ethereum exit BlackRock ETFs in two weeks
Elsewhere, BlackRock’s spot Bitcoin ETF – iShares Bitcoin Trust ETF (NASDAQ: IBIT) – saw inflows only on one day since February 10. Overall, some 9,800 BTC worth $660 million exited the fund in the last two weeks.
Similarly, the company’s spot Ethereum ETF – iShares Ethereum Trust ETF (NASDAQ: ETHA) – saw outflows worth $215 million and the departure of 121,000 ETH within the same timeframe.
Spot BTC and ETH ETF flows since February 10. Source: CoinglassNotably, however, ETHA had positive flows on both February 17 and February 20, unlike IBIT, which was green only on February 20.
Featured image via Shutterstock
Source: https://finbold.com/is-blackrock-preparing-to-dump-160m-worth-of-these-cryptocurrencies/
