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On Wednesday, November 5, investment giant BlackRock unloaded some of its Ethereum holdings as the broader crypto market remains in deep red territory.
According to data provided by chain tracking platform Whale Insider, BlackRock transferred a massive 34,777 ETH worth more than $114.97 million to Coinbase, a leading US crypto exchange.
The transaction has sparked discussions throughout the crypto community, fueling doubts that holders are increasingly selling their assets.
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The data also shows that BlackRock made the massive Ethereum deposits in four separate identical transactions, which were completed in a matter of minutes. In particular, transfers were made to Coinbase Prime a few minutes ago, signaling a major selling attempt.
Although the move is not a big surprise considering the timing of the transaction, when the crypto market had a major price correction, it provoked discussions about the reason for the sale.
Is BlackRock joining the panic sellers?
While the nature and timing of the transfer raised curiosity among market watchers, speculators suggested that BlackRock lost confidence in ETH’s future prospects and deposited the tokens as a precautionary move.
In addition to BlackRock’s latest Ethereum deposit, the market has seen whales remove more and more amounts of Ethereum tokens, as it seems that the bulls have already exited the market.
While increased liquidity has been seen flowing into supported exchanges, market confidence has weakened, and retail traders are increasingly panic-selling amid efforts to hedge against further losses.
Ethereum is about to lose 2025 gains
The major ethereum deposit came at a time when the market is facing severe price corrections in the middle of several days of heavy losses.
Holders have been spotted increasingly dumping their assets, and BlackRock seems to have joined the trend. Amid the persistent price correction, Ethereum is at risk of losing all its 2025 gains, as it only shows a YTD return of 1.39%.
While the leading cryptocurrency has almost lost all of its YTD gains, BlackRock’s attempted sale has fueled further concerns in the Ethereum community.
