Asset manager BlackRock moved thousands of Bitcoins and Ether to the Coinbase exchange, sparking speculation about a possible sale. Institutional cryptocurrency transfers have caused increased nervousness in the market and an accompanying decline in the prices of Bitcoin and Ether.
Big players move the market
Asset manager BlackRock carried out a series of transactions in which it moved 3,154 Bitcoins (BTC) and 29,639 Ether (ETH) with a total value of over $400 million to the Coinbase exchange. Analysts point out that such transfers are often a harbinger of sales, especially when large volumes are involved. According to data from the Arkham platform. The transfers took place in several parts, with most of them being transactions of 300 BTC and 10,000 ETH.
At the same time, other significant movements appeared on the blockchain. The Ethereum Foundation moved approximately 160,000 ETH. Stating that this was part of an internal migration and not a direct sale. SpaceX was also active, moving 2,495 BTC worth around $250 million after a three-month hiatus. Reducing its holdings to approximately 5,790 BTC.
Bitcoin and Ethereum are falling, BitMine is taking advantage of the decline to buy
After these transfers were made public, the cryptocurrency market reacted with a decline. Bitcoin weakened from $114,000 to around $108,000, while Ethereum fell from $4,100 to around $3,850. The increased volatility shows that the market remains extremely sensitive to the movements of institutional investors.
In contrast, the American company BitMine continues to accumulate Ether, buying over 63,000 ETH for more than $200 million on the same day. Meanwhile, some investors are shifting their attention to new projects, such as the Minotaurus (MTAUR) gaming token on the BNB network, which offers room for speculative growth thanks to its low price and growing interest.
