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BlackRock's aggressive Bitcoin and Ethereum selling spree has failed to end, as the leading asset management firm remains consistent in steadily moving the assets out of its reserves.
As the market continues to struggle to recover from prolonged volatility, BlackRock has transferred millions of dollars worth of Bitcoin and Ethereum to Coinbase in the past two days, according to data from blockchain monitoring firm Lookonchain.
BlackRock clients still exercising caution
Per the data, BlackRock has moved out a total of 7,160 $BTC and 98,850 $ETH to wallet addresses on Coinbase Prime over the last 48 hours.
Based on the assets' trading prices at the time of the transactions, BlackRock has moved Bitcoin and Ethereum tokens worth a combined total of $611 million over the period.
Nonetheless, the data further revealed that the tokens were transferred across multiple wallet addresses associated with Coinbase Prime in three separate batches of large $BTC transfers and a single transfer carrying over 51,000 $ETH.
When will BlackRock stop selling?
Although the transactions have sparked mixed reactions among investors across the crypto community, the move has become extremely familiar and is often expected during periods when BlackRock's ETF products are witnessing net outflows.
As such, BlackRock's continued transfer of large amounts of Bitcoin and Ethereum to Coinbase, which are suspected to be sell attempts, may continue as long as its ETF performance remains weak.
While it remains uncertain whether the consistent token offloads from BlackRock have any impact on the price movements of both Bitcoin and Ethereum, market participants expect a shift in behavior when the ETFs begin to regain momentum.