BlackRock’s recent crypto moves have been nothing short of aggressive, underscoring the fact that institutional adoption of digital assets is gaining full steam.
After a month-long buying spree and countless headlines featuring nine-digit acquisitions, however, the fund has finally made a major sale.
Namely, on June 23, BlackRock deposited 8,172 Ethereum (ETH), worth approximately $18.4 million, to Coinbase Prime, according to data provided by Arkham.
BlackRock ETH sale
The June 23 transaction, is seen as a potential pivot in the firm’s crypto strategy, particularly in regard to Ethereum.
However, given the fund’s past optimism and high-profile involvement in crypto ETFs (exchange-traded funds), the deposit could also reflect macroeconomic caution.
Indeed, Ethereum tanked 10% earlier today, despite $274 million in institutional inflows recorded on the weekend, trading as low as $2,178 at one point. At press time, ETH was trading at $2,257, still down -0.45%.
The primary driver behind Ethereum’s recent pullback appears to be geopolitical, as Iran has approved the plans to close the Strait of Hormuz, a vital global oil chokepoint, which could cause potential trade disruptions.
To put things into perspective, the broader crypto sector saw approximately $950 million in liquidations following the news.
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