BlackRock shocked the crypto market by moving over $430 million in Bitcoin and Ethereum to Coinbase Prime, making it one of the largest ETF-related moves of the week.
Onchain data showed around 3,070 Bitcoin and 52,800 Ether were moved, in line with massive outflows from spot crypto ETFs in the United States.
On the same day, the Bitcoin ETF saw outflows of over $708 million, while the Ethereum ETF shed nearly $300 million, most of which involved BlackRock funds.
However, analysts stressed that the move was not panic selling, but rather related to the ETF redemption process.
Coinbase Prime is used by institutions and participants are allowed to settle transactions when investors withdraw funds from ETFs.
While large-scale transactions often cause concern, they are more a reflection of internal operational matters than direct selling pressure to the market.
However, such moves still have the potential to trigger short-term volatility.
Currently, Bitcoin is trading at nearly $90,000 while Ethereum is around $3,000, with the crypto market trying to find direction after a period of volatility influenced by global sentiment and macroeconomic factors.
