BlackRock has made a significant move by transferring nearly 102,000 ETH to Coinbase Prime, raising questions about the company's intentions and market influence.
Large Ethereum Transfer
BlackRock transferred 101,975 ETH, valued at approximately $372 million, to Coinbase Prime. This transfer was detected by the analytics platform Lookonchain and raised questions about BlackRock's purposes, as such movements often indicate intentions to sell assets or change their custody.
Ethereum Market Amid ETF Outflows
At the time of the transfer, Ethereum's price was $3,570.33, reflecting a 1.81% decline over the last 24 hours. This drop was triggered by massive ETF outflows as institutional investors began to take profits. BlackRock's transfer added to the concerns within the Ethereum community.
Analysts' Predictions on Future ETF Filings
Analyst Nate Geraci expressed his belief that BlackRock may file not only for an XRP ETF but also for a Solana ETF. These forecasts further intensify interest in the company's actions and their potential impact on the cryptocurrency market.
BlackRock's transfer of a substantial amount of Ethereum to Coinbase Prime creates ripples of uncertainty in the crypto market. The implications of this move may affect asset prices and future ETF filings by major investors.
