The move into the cryptocurrency exchange could signal an intent to dump the approximately $160 million worth of crypto in the coming hours and days.
Such a move appears especially likely as digital assets have suffered a massive 24-hour plunge, and spot exchange-traded funds (ETFs) continue seeing significant outflows.
Indeed, between the night of February 22 and the morning of February 24, the total cryptocurrency market capitalization fell by $140 billion. At the same time, Bitcoin’s valuation decreased by $90 billion.
Furthermore, BTC is approaching its previous 2026 lows as it had plunged 5% in the last 24 hours and is, at press time on Tuesday, changing hands at $62,926. Ethereum did not fare much better, considering it dropped 5.67% in a day and is trading at $1,814.
Elsewhere, BlackRock’s spot Bitcoin ETF – iShares Bitcoin Trust ETF (NASDAQ: IBIT) – saw inflows only on one day since February 10. Overall, some 9,800 BTC worth $660 million exited the fund in the last two weeks.
Similarly, the company’s spot Ethereum ETF – iShares Ethereum Trust ETF (NASDAQ: ETHA) – saw outflows worth $215 million and the departure of 121,000 ETH within the same timeframe.
Notably, however, ETHA had positive flows on both February 17 and February 20, unlike IBIT, which was green only on February 20.
