BlackRock Transfers $357M in Bitcoin and $247M in Ethereum to Coinbase Prime
- BlackRock moved approximately 3,970 Bitcoin worth $357 million to Coinbase Prime.
- The asset manager also transferred 82,813 Ethereum valued at $247 million.
- This follows significant outflows from BlackRock’s spot Bitcoin and Ethereum ETFs, with IBIT losing $357 million and ETHA shedding $250 million.
- The US spot Bitcoin and Ethereum ETF market experienced nearly $709 million in net outflows on Wednesday.
Trading Analysis
Trading Signal: BEARISH (Score: -7)
The substantial outflows and transfer of assets suggest potential market instability.
Catalysts & Timeline:
• Near-term: Ongoing market jitters due to Greenland tariffs
Risk Assessment:
• Large-scale ETF outflows indicate potential for increased volatility.
BlackRock’s recent transfer of significant amounts of Bitcoin and Ethereum to Coinbase Prime aligns with large ETF outflows, signaling a bearish outlook for the immediate future of the cryptocurrency market.
Source (3.2)https://cryptobriefing.com/blackrock-crypto-deposits-to-coinbase-prime/?rand=59535
