BlackRock may be trying to sell Bitcoin and Ethereum again, as the cryptocurrency wallets linked to its exchange-traded funds (ETFs) deposited over 428 million dollars of both assets.
After slowing down for a few days, BlackRock returned to its ongoing selling activities, as the company was spotted transferring large amounts of Bitcoin and Ethereum to the Coinbase platform again.
Within approximately 24 hours of its last deposits, it appears that BlackRock is once again forming another long series of fixed Bitcoin and Ethereum sales. On Tuesday, blockchain monitoring company Lookonchain revealed data showing that the company transferred 2,292 Bitcoin and 9,976 Ethereum to Coinbase on Tuesday.
While the total value of the deposits is nearly $430 million, this marks the second time BlackRock has transferred tokens this week in suspected attempts to sell.
How long until BlackRock stops selling?
It is worth noting that BlackRock has embarked on this series of Bitcoin and Ethereum deposits over the past months, following the recurring volatility faced by the cryptocurrency market at large.
Although BlackRock has not provided any clarification regarding the purpose of its fixed cryptocurrency conversions, the company's repeated deposits of Bitcoin and Ethereum to the cryptocurrency exchange are widely viewed as attempts to sell among cryptocurrency traders.
Consequently, market watchers are wondering how long the company will continue to sell its holdings of Bitcoin and Ethereum and whether it still maintains its bullish stance.
The latest deposit made today coincided with a broad downward trend in the market, with all leading cryptocurrencies trading in the red, as Bitcoin and Ethereum show daily declines of 0.49% and 0.56%, respectively, over the past day.
BlackRock records an outflow of $118.64 million from its Bitcoin exchange-traded fund (ETF)
In the wake of the massive sell-off by BlackRock, its Bitcoin exchange-traded fund (ETF) recorded a significant outflow of $118.64 million on Monday, indicating weak interest among institutional investors.
With such a massive outflow, it's not surprising that the fund continues to convert a large portion of its holdings back to Coinbase, while the momentum continues to fade.
With the negative trend spreading across the cryptocurrency market and major cryptocurrency exchange-traded funds, the continued weak market performance has sparked fear among retail investors.
