- BlackRock records withdrawals in ETF products
- Bitcoin ETFs see second-day outflow
The world’s largest asset management firm, BlackRock, has moved another batch of Bitcoin and Ethereum tokens, sparking discussions across the crypto community.
According to data from blockchain monitoring platform Lookonchain, BlackRock has transferred a total of 544 BTC and 47,728 ETH to a wallet on Coinbase Prime.
The move saw the asset manager deposit over $140 million worth of tokens in a matter of minutes. The deposit includes Ethereum worth about $102.13 million and Bitcoin worth about $38.3 million to Coinbase Prime.
While BlackRock has continued to maintain dominance across the Bitcoin and Ethereum ETF markets, the firm’s latest move appears to have been triggered by the poor performances of these markets in recent days.
Further data showcased by the source reveals that the deposit is traceable to wallets associated with BlackRock’s spot crypto ETFs, including the IBIT Bitcoin ETF and ETHA Ethereum ETF.
While the ETFs often use Coinbase Prime as their custody and trading platform, the crypto community is debating the purpose of the deposits.
Some commentators argue that the deposits were attempts to sell funds withdrawn from the ETFs during the last negative trading session, while others argued that the firm may be preparing liquidity for a major move.
The move from BlackRock comes as the Bitcoin ETFs fail to hold momentum, recording two days straight of steady outflows as institutional investors appear to be acting cautious.
The latest withdrawals seen across all funds, including BlackRock, is worth over $90 million, as Bitcoin stalls around the $70,000 price level after the recent price rally.