BlackRock has transferred 3,743 Bitcoins (approximately $339.45 million) and 7,204 Ethereum (approximately $22.42 million) to Coinbase Prime, triggering concerns about short-term selling pressure. Analysts believe these operations may be related to the management of its spot Bitcoin and Ethereum ETFs, involving wallet transfers or preparing for creation/redemption processes. After the transfer, Bitcoin price dropped 0.12% to $90,785, and Ethereum price fell 0.2% to $3,097, but trading volumes for both surged by over 164% and 172%, respectively.
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BlackRock has transferred 3,743 Bitcoins (approximately $339.45 million) and 7,204 Ethereum (approximately $22.42 million) to Coinbase Prime, triggering concerns about short-term selling pressure. Analysts believe these operations may be related to the management of its spot Bitcoin and Ethereum ETFs, involving wallet transfers or preparing for creation/redemption processes. After the transfer, Bitcoin price dropped 0.12% to $90,785, and Ethereum price fell 0.2% to $3,097, but trading volumes for both surged by over 164% and 172%, respectively.