As the broader crypto market continues to undergo a consolidation phase, the world's largest investment management firm BlackRock has moved a large amount of digital assets, hinting at potential selling activity.
According to data from arkhamwhich was recovered by Finnvold on November 1st, and BlackRock transferred a total of $506 million in cryptocurrency.
On-chain data shows that approximately 3,496 Bitcoin (BTC) (worth approximately $384 million) and 31,754 Ethereum (ETH) (worth approximately $122 million) were moved to Coinbase Prime. The transactions were traced to wallets linked to BlackRock's iShares Bitcoin ETF (IBIT) and iShares Ethereum ETF (ETHA).
In particular, when financial institutions transfer assets to Coinbase Prime, the platform provides deep liquidity and secure settlement for high-volume trades, often indicating preparation for a sale, portfolio rebalance, or investor redemption.
Although this transfer does not ensure an immediate sale, such large movements often occur in advance of a liquidation event, especially during times of market uncertainty.
The trade comes as BlackRock's crypto ETF product has seen mixed inflows and outflows over the past week.
BlackRock ETF Mixed Weekly Trend
In this case, IBIT started the week with inflows of approximately $76 million on October 27th and $67 million on October 28th, before reversing sharply with outflows of $88 million on October 29th, $290 million on October 30th, and $149 million on October 31st.
Cumulative outflows from the fund in five days amounted to approximately $384 million, which roughly reflects the amount of Bitcoin transferred to Coinbase Prime.
A similar trend appeared in BlackRock's Ethereum ETF. The ETHA fund had inflows of $72 million on October 27, $76 million on October 28, and $21 million on October 29, but sentiment changed midweek and outflows of $118 million on October 30 and $38 million on October 31.
Meanwhile, both Bitcoin and Ethereum are showing limited price movement as the market waits for a clearer direction. At the time of writing, Bitcoin was trading at $109,871, down less than 1% over the past 24 hours, while Ethereum was trading at $3,868, up about 0.5%.
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