BlackRock is maintaining its aggressive selling of Ethereum, even as the cryptocurrency market experiences a significant resurgence.
On-chain monitoring firm Lookonchain has reported another substantial Ethereum deposit from the asset manager.
Amidst strong crypto price rebounds, BlackRock moved 44,140 ETH, valued at approximately $135.36 million, to Coinbase Prime on Wednesday, December 3, in what is believed to be a move to facilitate further selling.
This latest Ethereum deposit from BlackRock was executed in five separate transactions: four batches of 10,000 ETH and one transfer of 4,140 ETH, totaling 44,140 ETH.
While this transaction has generated considerable discussion within the cryptocurrency community, it represents the continuation of a streak of sell-offs from BlackRock's Ethereum ETF holdings that has been ongoing for approximately one month.
BlackRock has been transferring large amounts of its holdings to Coinbase regularly over the past month. However, the consistent nature of these movements has piqued the curiosity of the crypto ecosystem regarding the underlying motivations for the rapid sell-off.
BlackRock's Sustained Selling Trend
Although some market observers had initially speculated that BlackRock's consistent selling of Bitcoin and Ethereum was a reaction to the market downturn experienced throughout November, the firm has not reduced its selling activity despite the current crypto market rally.
Over the past 24 hours, Ethereum has seen a price increase of over 7%, surpassing the $3,100 mark and reaching multi-week highs. This surge is part of a broader cryptocurrency market recovery, with leading digital assets experiencing significant price gains in the last day.
The ongoing selling trend from BlackRock further challenges the earlier assumption that the aggressive selling was solely a hedge against a prolonged market downturn.
Contrary to expectations, the leading asset manager has continued to increase its deposits of Bitcoin and Ethereum even as the crypto markets turn bullish again, rather than pausing its activities after the recent sharp correction.
While BlackRock has not officially clarified the reasons behind its consistent transfers, ongoing debates continue regarding whether these movements represent standard ETF rebalancing, profit-taking strategies, or a more significant shift in investment sentiment.