BlackRock moves $200m of these two cryptocurrencies on Xmas Eve

BlackRock, the world’s largest asset manager, is celebrating the holiday season with a crypto move valued at more than $200 million.

The latest Arkham Intelligence data as of Wednesday, December 24, shows that the fund deposited 2,292 Bitcoin (BTC), valued at around $200 million, and 9,976 Ethereum (ETH), worth about $30 million, to Coinbase Prime earlier today.

A few hours later, however, BlackRock began repurchasing its stake from Coinbase, adding back 499 BTC ($43 million) and 1,511 ETH ($4.39 million).

Currently, BlackRock holds approximately $77.6 billion in crypto, the majority of it split between Bitcoin ($67.4 billion) and Ethereum ($10.2 billion), and the remaining $1,000 or so shared among assets such as Binance Coin (BNB) and Arbitrum (ARB).

BlackRock offloads as the crypto market bearish

The ongoing moves come just as Bitcoin and Ethereum are struggling to break above their major respective resistance levels. 

Specifically, BTC the “digital gold” is failing to live up to its nickname, trading below $87,000 as other major assets, including precious metals, rally. 

Ethereum itself is still below $3,000, probably affected by institutional outflows, which sit at nearly $160 million over the past seven days.

While the latest transfers have left the market debating whether to view it as a sign of ETF weakness, the fact that BlackRock is starting to record inflows just hours following the initial sale suggests restructuring.

Similarly, holiday-thin liquidity could also be responsible for the failure of the two assets to clear key resistance levels, thus contributing to broader downside.

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