Just 24 hours after rattling traders with an 8,172-ETH outflow to Coinbase Prime, the world’s largest asset manager is back in accumulation mode. On-chain tracker Lookonchain reports that BlackRock withdrew 11,185 ETH (≈ $27.2 million) from Coinbase Prime in two swift transactions, all within an hour.
The reversal came after Ethereum briefly plunged below the psychological $2,500 support, prompting speculation that Monday’s wallet transfers were a profit-taking move rather than a long-term liquidation. Earlier the firm had routed another 10,500 ETH (≈ $24.1 million) to the exchange, ending a 30-day buying streak and sparking debate over whether BlackRock was hedging against volatility or rebalancing its crypto portfolio.
Large exchange deposits usually foreshadow selling pressure, yet the latest outflow suggests the asset manager still views ETH as a core position. Historical flows from BlackRock wallets have often acted as a near-term sentiment gauge because of the sheer scale of its holdings.
Ethereum responded quickly: the second-largest cryptocurrency jumped 5.5 % over the past day to $2,433 at press time, according to CoinMarketCap. Bulls argue that recurring institutional accumulation — especially from a heavyweight like BlackRock — reinforces Ethereum’s status as more than just “digital silver,” bolstering its appeal for diversified treasury strategies alongside Bitcoin.
Whether the abrupt sell-buy sequence was tactical arbitrage or simple portfolio maintenance, the takeaway for traders is clear: institutional activity continues to steer short-term ETH price action. As BlackRock’s blockchain footprint grows, every multi-million-dollar move is likely to remain a headline driver for the broader crypto market.
