Investment giant BlackRock has executed a massive $673 million sell-off involving Bitcoin and Ethereum, according to data from Lookonchain.
On October 6, the firm transferred 4,653 BTC (worth $478.5 million) and 57,455 ETH (worth $194.9 million) to Coinbase Prime, just 24 hours after a separate deposit of 34,777 ETH valued at $115 million.
The transactions, carried out in multiple smaller batches, suggest deliberate institutional positioning. Analysts believe BlackRock may be rebalancing its ETF portfolios or managing liquidity, rather than exiting its crypto holdings entirely.
Still, the timing has caused concern among investors, coinciding with steep declines across Bitcoin, Ethereum, and altcoin markets.
While BlackRock continues to dominate the ETF space, the scale of these transactions has heightened market anxiety and raised questions about its short-term crypto outlook.
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