BlackRock moved over $366 million in Bitcoin and Ethereum from its ETFs into a Coinbase Prime wallet.
The transfers occurred on August 20 during a broader crypto market decline led by BTC and ETH.
Market watchers view the shift as potential profit-taking rather than full exit from crypto exposure.
BlackRock moved significant holdings of Bitcoin and Ethereum from its ETF structures into a Coinbase Prime wallet on August 20 during a widespread shake‑out in the crypto market. The move involved transferring roughly 1 885 BTC valued around $111.7 million along with approximately 59 606 ETH worth about $254.4 million. The combination pushed total activity to more than $366 million. The transfer sparked intense discussion in the crypto community, as such direct withdrawals from ETFs remain unusual.
The timing aligns directly with sustained downward pressure on cryptocurrency markets. Bitcoin and Ethereum prices continued to decline during and after the transfer. The unusually large outflows disrupted BlackRock’s prior string of consistent daily inflows in its crypto ETFs. Observers interpreted the movement as a signal of strategic cashing‑in rather than fleeing.
Interpretation Suggests Tactical Redirection
Institutional traders often connect large ETF transfers to exchanges with sell-side intent. In this case, the shift to Coinbase Prime may indicate BlackRock preparing to liquidate some holdings for liquidity amid price volatility.
https://twitter.com/lookonchain/status/1958531299544568154
However, experts caution that the move might also represent broader portfolio rebalancing instead of a wholesale exit. The scale of the transaction stirred speculation about institutional confidence in crypto markets, especially during sharp corrections.
The sale by one of the world’s largest asset managers raises questions about consequences for broader crypto stability. Market participants monitor institutional behavior closely, and such a visible shift could add to selling pressure. At the same time, BlackRock’s stature gives the transfer outsized attention. Observers now await further ETF flows to assess whether the action reflects a trend or isolated repositioning.
The post BlackRock Pulls $366 Million in Bitcoin and Ethereum Amid Market Drop appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
