BlackRock Transfers $285 Million of Bitcoin to Coinbase in Potential Sell Signal
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BlackRock, the world’s largest asset manager, transferred Bitcoin worth about $285 million to US cryptocurrency exchange Coinbase.
Onchain Lens said on May 14 that BlackRock moved 3,581 Bitcoin to Coinbase that day. The holdings are valued at about $285 million at current prices.
Transfers to exchanges are typically viewed as a sell signal.
BlackRock also deposited 9,876 Ether into Coinbase on May 14. The tokens are worth about $22 million at current prices.
According to CoinMarketCap, Bitcoin traded around $79,200 as of May 14, down about 1.5% from a day earlier. Ether traded around $2,250, down about 2.4%.
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