BlackRock ends the week dumping millions worth of these 2 cryptocurrencies

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As the AI (artificial intelligence) stocks continue to suck air out of crypto as BlackRock Inc. (NYSE: BLK) stated, this firm’s investors sold Bitcoin (BTC) and Ethereum (ETH) worth more than $16 million on August 14.

Earlier on Friday, BlackRock deposited $16.216 million worth of these crypto assets from the wallets associated with its exchange-traded funds (ETFs) to Coinbase Global Inc. (NASDAQ: COIN).  Specifically, BlackRock’s iShares Bitcoin Trust ETF (IBIT) sent 249.16 BTC, valued at approximately $15.67 million at press time as Bitcoin price traded at about $62,907, according to on-data analysis shared via Onchain lens.

On the other hand, BlackRock’s iShares Ethereum Trust ETF (ETHA) sent 301.76 Ethereum, worth roughly $565,425 at the time of writing.

IBIT to Coinbase Prime transactions. Source: Onchain lens

BlackRock investors net purchases crypto this week 

Although the asset management corporation deposited Bitcoin and Ethereum on Coinbase on Friday, its investors have net purchased over the past seven days. So far in August, BlackRock’s investors have purchased a total of $541.88 million worth of Bitcoin.

BlackRock’s IBIT Daily Cash flow. Source: SoSoValue 

As such, IBIT has a total net assets of $47.34 billion, at the time of publication. On the other hand, BlackRock’s ETHA investors purchased Ethereum valued at $246.2 million this week, thereby increasing their net assets to $5.66 billion.

BlackRock’s ETHA Daily Cash flow. Source: SoSoValue 

What’s the crypto market picture

Although these investors net purchased Bitcoin and Ethereum this week, Bitcoin price declined 3.11% over the last seven days, with its 24-hour trading volume at $20.3 billion. On the other hand, ETH price has dropped 2.63% over the past 7 days, whereby its 24 hour traded was at $5.73 billion at the time of reporting.

Consequently, if BlackRock’s investors continue to net purchase, the selling pressure for these crypto assets could reduce.

Featured image via Shutterstock

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