BlackRock Moves $115M Ethereum to Coinbase Amid Sell-Off
On November 5, BlackRock transferred 34,777 ETH (≈$115 million) to Coinbase Prime in four batches, marking a significant institutional sell-off amid a broader market correction. Ethereum’s year-to-date gains have shrunk to 1.39%, risking a full reversal of 2025 returns as whale sell pressure intensified and exchange inflows rose by 20%. Data from Whale Insider and a 12% drop in ETH futures open interest reported by CME Group point to waning bullish sentiment. Ethereum’s market cap dipped below $400 billion, down 15% from October highs. Analysts warn this move could deepen the correction and push support toward $2,500. Traders should monitor on-chain metrics, whale movements, and institutional flows to navigate short-term volatility and identify strategic entry points.
Bearish
BlackRock’s large Ethereum transfer to Coinbase Prime amid rising whale sell pressure and falling futures open interest underscores a shift toward bearish market sentiment. The 15% drop in market cap and risk of erasing YTD gains highlight increased downside risk. Short-term volatility is likely to intensify as traders react to accelerated exchange inflows, while breaking key support levels around $2,500 could trigger deeper corrections. Long-term recovery will depend on renewed demand and stabilized on-chain metrics, but the immediate impact is clearly negative for ETH prices.