In a notable development for the cryptocurrency market, wallets associated with BlackRock have moved a substantial amount of digital assets to Coinbase Prime, signaling increased institutional engagement. According to the official information, this move highlights the growing interest of major financial institutions in the crypto space.
Significant Transfers of Bitcoin and Ethereum
The transfers involved approximately 2,019 BTC, valued at around $1.817 million, and 29,928 ETH, worth about $913 million. This significant movement of funds is divided across multiple deposits, a strategy often employed by institutional investors to manage their transactions discreetly.
Market Implications and Sentiment
Market analysts suggest that these transfers may coincide with a softer exchange-traded fund (ETF) flow print, potentially indicating that the market could interpret these new deposits as sell-side supply. This comes at a time when negative flows are being observed, raising questions about the overall sentiment in the crypto space.
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