BlackRock has demonstrated a sustained pattern of depositing Bitcoin (BTC) and Ethereum (ETH) tokens to Coinbase, continuing its sell-off activities without visible signs of abatement. This consistent movement of digital assets has captured the attention of market analysts and investors alike. A recent instance on Monday, December 29, involved BlackRock transferring a substantial batch of both Bitcoin and Ethereum simultaneously to the major cryptocurrency exchange.

On-chain monitoring firm Lookonchain reported that this particular transaction included the movement of 2,201 BTC and 7,557 ETH to Coinbase. Valued at the time of the transfer, these deposited tokens collectively amounted to over $214 million, marking the first significant sell-off attempt in the new week. BlackRock's frequent transfers of considerable amounts of Bitcoin and Ethereum to Coinbase have intensified speculation regarding the firm's strategic positioning, with many hypothesizing an anticipation of a near-term bearish market cycle. Despite this ongoing speculation, BlackRock has not released any official statement to clarify the underlying purpose behind its persistent crypto deposits.

The impact of these consistent Bitcoin and Ethereum deposits has been distinctly observed in BlackRock's exchange-traded fund (ETF) offerings. Both its Bitcoin ETF (IBIT) and Ethereum ETF (ETHA) recorded notable outflows during their most recent trading sessions, reflecting the firm's ongoing selling pressure in its investment products linked to these major cryptocurrencies.

Specifically, BlackRock’s spot Bitcoin ETF (IBIT) registered daily net outflows totaling $192.61 million. This outflow corresponded to approximately 2,200 BTC exiting the fund, subsequently leading to a decline in its net assets to $67.41 billion. The fund's market price also reflected this negative momentum, underscoring the broader impact of the selling activities.

Similarly, BlackRock’s Ethereum ETF (ETHA) experienced significant withdrawals amidst sustained selling pressure. The fund posted daily net outflows of $22.12 million, with 7,560 ETH departing the fund. Consequently, ETHA's net assets decreased to $10.18 billion, and the ETF itself declined by 0.41%, further illustrating the widespread effects of BlackRock's recent crypto maneuvers.