In today’s crypto news, BlackRock has moved another large batch of Bitcoin and Ethereum even as the market continues to recover from last week’s selloff. According to data shared by Onchain Lens, BlackRock-linked wallets transferred 2,493 BTC worth approximately $157.25 million and 12,679 ETH valued at roughly $21 million. The combined value of the transfers exceeds $178 million.
The latest move extends a series of major crypto transfers from BlackRock-linked wallets over recent weeks. While transfers to exchange-related wallets do not necessarily indicate selling, they attract attention and speculation because of BlackRock’s status as one of the largest institutional holders of digital assets.
BlackRock Extends Recent Transfer Trend
The latest transactions included multiple Bitcoin transfers from BlackRock’s iShares Bitcoin Trust (IBIT), alongside a sizable Ethereum movement. The transaction included seven tranches of 300 BTC each flowing from IBIT into a Coinbase Deposit address. Afterward, all 2,100 BTC were moved into a Coinbase Prime hot wallet.
Additionally, BlackRock moved 12,679 ETH from a BlackRock-controlled Coinbase Deposit address into Coinbase Prime hot wallets. All the transfers occurred within the past two hours and saw tokens flow into hot wallets, strongly indicating intention to sell. The total transfer amounted to $178 million across both assets. Afterward, BlackRock also sent 392.6BTC to cold storage.
The latest transfer follows several similar transactions reported over the past two weeks. Earlier, BlackRock transferred 7,048 BTC worth approximately $517 million. That was followed by another 6,164 BTC valued near $425 million. More recently, the firm moved 1,978 BTC and 14,244 ETH worth roughly $147 million.
Combined, BlackRock-linked wallets have now transferred well over $1.2 billion worth of Bitcoin over the past two weeks. The transfers have become inevitable as BlackRock’s IBIT and ETHA ETFs extended their outflows this week. IBIT has lost $443 million in investments this week, while ETHA lost $29.1 million since Tuesday, despite seeing $17.8 million in net inflows on Monday.
Bitcoin Recovery Continues Despite Institutional Uncertainty
The transfers arrive as Bitcoin attempts to stabilize following one of its sharpest corrections of the year. The cryptocurrency briefly fell below $60,000 during last week’s panic before recovering around $63,000 where it is currently trading.
Interestingly, several on-chain indicators suggest large investors remain constructive despite recent volatility. CryptoQuant recently reported that whales absorbed significant selling pressure during Bitcoin’s decline toward $60,000. According to the firm’s analysis, the Exchange Whale Ratio surged to 61.6% during the correction, indicating that large holders dominated market activity while retail traders exited positions.
Following the dip, whales withdrew more than 14,500 BTC from exchanges and custodians in just over a week. Those withdrawals reduced readily available supply and may have contributed to Bitcoin’s ongoing recovery.
While BlackRock’s latest transfers may create short-term uncertainty, investors are increasingly focused on the longer term. If whale accumulation continues, institutional buying returns, and exchange balances keep declining, Bitcoin’s recovery could gain further momentum and begin a market resurgence.
Temitope Olajide
