Recent transactions by Fidelity and BlackRock on Coinbase highlight the activity of institutional investors in the crypto market. According to Arkham Intelligence data, the total amount of these transfers exceeded $717 million.
Fidelity's ETH Transfers
Arkham Intelligence recently reported that a wallet associated with Fidelity moved 14,978 ETH to Coinbase, worth approximately $53.57 million. The transaction was split into two halves: 10,000 ETH valued at $35.77 million and 4,978 ETH at $17.8 million. Prior to these transactions, the wallet received 6,000 ETH from an address labeled 'Fidelity Custody', indicating that the ETH was moved from a custody solution before being sent to the exchange.
BlackRock's BTC and ETH Transfers
BlackRock also made substantial crypto asset transfers, according to Arkham Intelligence. A total of 2,544 BTC worth $292 million and 101,975 ETH valued at $372 million was transferred to Coinbase Prime, making a total of $664 million. The Bitcoin was transferred in multiple transactions of 300 BTC each, while the ETH was moved in batches of 10,000. These actions suggest coordinated liquidity positioning by institutional investors.
Summary and Implications
The total transfers from Fidelity and BlackRock indicate significant institutional involvement in the cryptocurrency market. Experts suggest that these activities may signify adjustments in fund positioning or preparation for future trades. Recent studies also indicate that Bitcoin is under pressure from declining demand and increasing liquidity.
The transfers executed by Fidelity and BlackRock underline the active participation of major players in the cryptocurrency sector, which could have substantial impacts on the market in the future.
