- BlackRock moved 5,100 BTC and 30,280 ETH to Coinbase Prime.
- The Crypto Fear and Greed Index dropped to 10, showing extreme fear.
- Other asset managers also sold large amounts of Bitcoin and Ethereum.
BlackRock has increased the sale of Bitcoins and Ethereum. The asset manager transferred 5,100 BTC and 30,280 ETH to Coinbase Prime. This move comes at a time when the market is full of fear, uncertainty and its subsequent effects.
The sales were completed in multiple transactions. BlackRock sent Bitcoin in 17 batches of 300 BTC each. The Ethereum transfer occurred in four separate transactions. Despite these sales, BlackRock still holds significant crypto reserves.
Impact on Market Sentiment
BlackRock’s selling activities have led to negative market changes in the crypto sector. The Crypto Fear and Greed Index showed extreme fear after falling to a value of 10. The market experienced this level of extreme fear back in 2022.
Several factors have contributed to this panic. The recent Solana meme coin collapse has shaken investor confidence. Additionally, Donald Trump’s tariff policies have raised concerns about economic uncertainty. These events have led to increased selling pressure in the crypto market.
Other Asset Managers Also Selling
BlackRock is not the only institution reducing its crypto holdings. Other asset managers have also sold large amounts of Bitcoin and Ethereum. The US Bitcoin and Ethereum spot ETFs recorded major outflows in the past 24 hours.
Bitcoin funds saw $754 million in total outflows. BlackRock’s iShares Bitcoin Trust (IBIT) led the sales, offloading $418 million in BTC. Fidelity’s Wise Origin Bitcoin Fund (FBTC) and the Ark 21 Shares Bitcoin ETF (ARKB) also saw significant outflows. Fidelity recorded $145.7 million in Bitcoin sales, while ARKB sold $60.46 million.
Ethereum Sell-Off Gains Momentum
Ethereum funds also faced heavy outflows. BlackRock’s iShares Ethereum Trust led the sell-off, dumping nearly $70 million in ETH. Other major asset managers also reduced their Ethereum holdings.
Fidelity, Grayscale, and Bitwise reported combined outflows of $24.5 million. Investors seem to be pulling funds out of Ethereum amid market uncertainty. This trend could put further pressure on Ethereum prices in the short term.
Current Crypto Prices and Outlook
The ongoing sell-off has caused Bitcoin and Ethereum prices to decrease. At the time of this writing, Bitcoin currently trades at $85,712. Ethereum is priced at $2,329.
Notably, analysts are closely watching institutional movements. Large scale selling could further depress prices for Bitcoin and Ethereum. However, the long term investors might view this as a buying opportunity.
