BlackRock moves roughly $108.4 million worth of Ethereum… Large transfer detected after price rebound

Ethereum has drawn market attention as institutions and large holders continue to move funds following a recent price rebound. Amid an upward trend after the Bank of Japan's benchmark rate increase, a large amount of Ethereum was confirmed to have moved to exchanges.

On the 21st (local time), AMB Crypto reported that on-chain data tracker Onchain Lens said BlackRock deposited 36,579 ETH to Coinbase over the past 24 hours. The amount was roughly $108.4 million at the time.

In the same period, BitMEX co-founder Arthur Hayes transferred about 680 ETH to Binance. That amount was valued at about $2.03 million. Generally, large holders moving funds to exchanges is interpreted as a potential for selling and a factor of market caution.

Ethereum's price showed a short-term rebound after the Bank of Japan raised its benchmark rate by 0.25 percentage points. However, the spot market did not show accompanying trading participation.

At the time of reporting, Ethereum was trading around $2,980, up 0.85% over 24 hours. Meanwhile, trading volume was about $18.47 billion, down 52% over the same period. This suggests market participation was limited relative to the price increase.

A different trend appeared in the derivatives market. Open Interest increased 2.46% to $38.51 billion. This indicates that leverage position increases, rather than spot demand, are supporting the price movement.

Technically, Ethereum is consolidating in a narrow range between $2,790 and $3,000. The Average Directional Index (ADX), which indicates trend strength, stood at 30.39, above the baseline of 25. Conversely, the Chaikin Money Flow (CMF) was -0.05, indicating continued capital outflow pressure.

The market is paying attention to the simultaneous appearance of large transfers and increased leverage. Some analysts said, "The recent rebound appears to be driven more by positioning changes than strong spot demand."