This is always the case in the crypto world: when the big players move, the market shakes. The BlackRock address sold 72,000 ETH overnight, just like throwing a huge stone into a pond, splashing retail investors all over.
Dude, you just said that ETH was in a 'tug of war' around 4270, but after 23:00, this drop is fundamentally due to BlackRock's operations! The news broke out at 11:08 PM (as shown in the image '23:08 first'), saying that four hours ago (around 7 PM), the BlackRock address transferred over 70,000 ETH to Coinbase Prime—this clearly indicates preparation for dumping or that they have already sold. 312 million dollars, this is not retail selling; this is institutional-level offloading!
Why is the market reaction so direct?
Firstly, the timing is too harsh: it just happened to coincide with the time when ETH was at a crucial decision point; once the news broke, it completely shattered the bullish mindset.
Secondly, BlackRock's label is too eye-catching: although it's uncertain whether it's an official action (it could be a fund or client operation), using the name 'BlackRock' easily triggers panic. Just like last year when Musk mentioned Dogecoin, the market immediately followed suit—big players' actions are always amplifiers of retail sentiment.
Personally, I think this transfer may not necessarily be sold off immediately, but the short-term psychological pressure cannot be avoided. Recall that before the FTX crash in November last year, there were also institutional addresses frequently transferring coins to exchanges, and indeed, it led to a crash. Although it may not lead to a crash now, large transfers and a breakdown in sideways movement will certainly result in weakness in the short term.
Moreover, pay attention to a detail: this time BlackRock transferred ETH and BTC together (and sold 266 BTC), indicating that it is not solely targeting ETH; it may be an overall reduction or reallocation. This is a double blow to market sentiment.
Looking back at the 1-hour chart, why couldn't it hold at 4270?
—The news and technical aspects resonated! Originally, the lower band of the Bollinger Bands was support, but once the BlackRock news came out, it immediately surged downward (although your original chart said the trading volume was dull, there’s a high probability of a surge after 23:00), triggering stop-loss orders and panic selling, making a price drop inevitable.
Next, pay close attention to two points:
Firstly, watch if BlackRock has any follow-up actions to clarify or continue selling; secondly, see if ETH can quickly reclaim 4270. If it cannot return, seeing 4200 is a high probability event.
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