BlackRock deposited 2,822 Bitcoin (BTC) worth $243.59 million and 36,283 Ethereum (ETH) valued at $101.72 million to Coinbase Prime on Monday, November 24.
As of the time of writing, the world’s largest fund manager commands $77.4 billion in cryptocurrencies, of which some 87% are in Bitcoin and 13% in Ethereum, according to data retrieved by Finbold from Arkham.
BlackRock crypto moves. Source: ArkhamThe timing of the transfers is notable given that the U.S.-listed spot Bitcoin ETFs are witnessing some of the heaviest monthly outflows since their debut.
Indeed, the funds have seen approximately $3.5 billion in withdrawals so far this month, the second-largest figure behind only the record $3.6 billion pulled in February this year.
BlackRock, which accounts for about 60% of all assets in the category, has alone recorded $2.5 billion in redemptions with the last recorded move.
Bitcoin and Ethereum on shaky ground
Both Bitcoin and Ethereum continue to face heavy selling pressure as the broader cryptocurrency market extends its ongoing correction, both being in the red at the time of writing and trading at $86,100 and $2,820, respectively.
BTC and ETH price. Source: FinboldAt the current price, Ethereum is below both its 100-day and 200-day moving averages, currently trading near $2,800. The decline followed several days of consolidation around $3,000, which failed to provide strong support.
Similarly, Bitcoin has broken below the critical $88,000–$90,000 support cluster, with a relative strength index (RSI) reading of 28 and suggesting the asset is in the “Oversold” territory. Ethereum’s RSI is hovering near oversold territory at around 30, signaling continued bearish momentum.
Moreover, Bitcoin open interest has also plummeted to a six-month low, which likely signals upcoming instability and abrupt corrections. Accordingly, the consistent ETF outflows could reflect a shift in investor sentiment in the face of potential further selloffs.
Featured image via Shutterstock
Source: https://finbold.com/blackrock-prepares-to-dump-these-2-cryptocurrencies-again/
