BlackRock, the leading investment manager, transferred 6,735 Bitcoin (BTC), valued at roughly $616 million, and 64,706 Ethereum (ETH), worth around $200 million, to Coinbase Prime on Wednesday, November 19, according to the latest data Finbold retrieved from on-chain intelligence platform Arkham.
The move followed a $513 million Bitcoin dump on Tuesday, which marked the fund’s largest single-day withdrawal since launch.
While large-scale crypto deposits such as these often trigger market speculation about potential selling pressure, the current activity appears consistent with BlackRock’s standard liquidity and risk management practices.
Bitcoin and Ethereum face short-term pressure
The timing of the deposits coincides with broader market uncertainty. Indeed, Bitcoin and Ethereum both continue to face liquidity challenges, while sentiment is subdued ahead of key events, including U.S. employment data.
Ethereum briefly slipped below the $3,000 level today following the news, already being weighed down by a combined $74 million in ETF withdrawals the day prior.
Moreover, centralized exchange reserves have fallen by 700,000 ETH over the past month, the kind of supply compression that often precedes heightened volatility. However, crypto analyst Merlijn The Trader argues that the current accumulation trends indicate strong underlying demand for ETH, meaning the jitters are only a short-term effect.
“Exchange reserves just lost 700,000 Ethereum in 30 days. This is the type of supply shock that never looks bullish… until the chart catches up. ETH is being accumulated aggressively,” wrote Merlijn on X.
According to another analyst, Ted Pillows, the asset needs to reclaim the $3,200 level to reestablish bullish momentum, with potential upside toward $3,600 if sentiment strengthens.
Bitcoin, on the other hand, briefly retested the $90,000 level and is now consolidating at around $91,000. The next crucial zone, Pillows argued, is $94,000. A failure to reach it will likely lead to another correction.
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