Investment giant BlackRock has reportedly offloaded a large portion of its Ethereum (ETH) holdings amid the ongoing crypto market downturn. On November 5, on-chain tracker Whale Insider revealed that BlackRock moved 34,777 ETH, valued at over $114.9 million, to Coinbase Prime, signaling what many believe to be a major sell-off attempt.
The transactions, completed in four identical batches within minutes, immediately stirred speculation across the crypto community. The timing coincides with a broader market slump, leading some analysts to suggest BlackRock could be reducing exposure or testing market liquidity as sentiment weakens.
Market watchers noted that other large holders, or “whales,” have also been unloading Ethereum in recent days, adding to the pressure on prices. As liquidity flows to exchanges rise, confidence among retail traders has sharply declined, with many panic-selling to hedge against deeper losses.
At press time, Ethereum risks erasing all its 2025 gains, holding only a 1.39% YTD return. BlackRock’s move has added fuel to fears that institutional players may be turning cautious on the second-largest cryptocurrency.
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