BlackRock Moves $285 Million of Bitcoin to Coinbase in Potential Sell Signal

JOON HYOUNG LEE

Summary

BlackRock deposited 3,581 Bitcoin (BTC) into Coinbase, worth about $285 million.
Deposits to exchanges are typically interpreted as a sell signal.
BlackRock also deposited 9,876 Ether (ETH) into Coinbase, worth about $22 million.

Forecast Trend Report by Period

BlackRock, the world's largest asset manager, transferred Bitcoin worth about $285 million to Coinbase, the US cryptocurrency exchange.

Onchain Lens said May 14 that BlackRock moved 3,581 Bitcoin to Coinbase. The tokens are currently valued at about $285 million.

Transfers to exchanges are typically interpreted as a sell signal.

BlackRock also deposited 9,876 Ether into Coinbase the same day. The holdings are worth about $22 million at current prices.

According to CoinMarketCap, Bitcoin was trading around $79,200 on May 14, down about 1.5% from a day earlier. Ether was trading near $2,250, down about 2.4%.

BTC

ETH