BlackRock just deposited nearly 30,000 of this crypto into Coinbase; Will it offload?
BlackRock deposited 21,910 Ethereum (ETH), worth around $117.82 million, to Coinbase Prime on Monday, October 20, leaving the market speculating as to what the investment firm’s next move might be. The transfer was done in ten transactions, nine of which were of about 3,000 ETH, or around $12.15 million, and one of more or less 2,109 ETH, worth approximately $8.45 million, according to data Finbold retrieved from Arkham Intelligence . BlackRock ETH transfers. Source: Arkham Intelligence Institutional movements of this caliber are often seen as the groundwork for increased trading activity in the near future, or a rebalancing of the holder’s portfolios. Accordingly, traders are now speculating whether the fund might increase its offloading soon. Last week, ETH ETFs had already seen a total of $312 million in outflows, with Blackrock’s iShares Ethereum Trust ETF (ETHA) accounting for $245 million. While there is still no telling what the next move coul...