The largest asset manager in the world is shedding its Bitcoin (BTC) and Ethereum (ETH) holdings as its crypto products experience multi-day outflows.
Citing Arkham data, blockchain tracking firm Lookonchain reports that BlackRock is sending its BTC and ETH to Coinbase Prime, presumably to sell on the open market.
[adinserter block="1"]“BlackRock is selling ETH and BTC.
BlackRock deposited 1,885 BTC ($111.66 million) and 59,606 ETH ($254.43 million) to Coinbase Prime [early on Friday].”
According to crypto data aggregator SoSoValue, Bitcoin ETFs saw $194.3 million in outflows on August 21st, which was its fifth day in a row in the red. However, SoSoValue reports that ETH ETFs saw $287.1 million in flows on the same day following four days of outflows, signaling a potential turnaround.
BlackRock’s IBIT and ETHA ETFs are the biggest products for each of the top two crypto assets.
At time of writing, Bitcoin is trading at $116,678, slightly down from its all-time high, while Ethereum is just inches away from setting record highs at $4,749 after a sudden rally for ETH on Friday.
The rally comes as Fed Chair Jerome Powell signaled that the central bank will likely resume cutting rates, which is in line with what BlackRock executive Rick Rieder forecasted earlier this month.
Rieder, the asset management giant’s chief investment officer of global fixed income, said in a note to clients that Friday’s tepid jobs report from the U.S. Bureau of Labor Statistics could convince the Fed to institute a larger cut than expected, according to a new report from CNBC.
“If slack in the labor force builds at all, or we continue to see a below 100,000 jobs hiring rate persistently, we would expect the Fed to start moving rates lower, and a 50-basis point cut in September might be possible depending on how the data evolves.”
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