BlackRock Moves $640M in Bitcoin and Ethereum Over Two Days
Bitcoin and Ethereum exchange-traded funds (ETFs) managed by BlackRock have seen significant activity, including on-chain transactions that indicate recent sell-offs. Key points include:
- On September 8 and 9, BlackRock deposited a total of 117,144 ETH (worth $507.29 million) and 1,166.79 BTC (worth $131.55 million) to Coinbase Prime.
- These movements suggest potential sales as deposits typically represent purchases and withdrawals signify sales.
- ETF flows show mixed signals; IBIT and ETHA experienced both inflows and outflows, indicating adjustments based on investor demand.
- Despite sell pressure from BlackRock, analysts are signaling a potential bull rally for cryptocurrencies, with indicators suggesting renewed institutional interest.
- BlackRock's crypto holdings have surpassed $100 billion, reflecting ongoing investments amid market fluctuations.
- Analysts predict upward price movement for Bitcoin, driven by expectations of an interest rate cut by the Federal Reserve.
- Tether recently minted 2 billion USDT during a market dip, mirroring historical trends that could indicate a buying opportunity.
This situation illustrates the volatility in the crypto market influenced by large institutional players and their strategic maneuvers.