BlackRock Aggressively Dumps Ethereum Amid Profit-Taking Frenzy
Ethereum's recent price surge has begun to cool down as profit-taking accelerates. According to DeFi researcher 0xNobler, BlackRock is reportedly aggressively selling millions of dollars' worth of ETH and BTC.
The cryptocurrency had reached a six-month high, crossing $2,400 for the first time since early May, but its price momentum has slowed down significantly in the last 24 hours. The fact that one of the largest institutional buyers, BlackRock, is taking profits could reinforce bearish expectations and add selling pressure to the market.
Large orderbook flows also point to a potentially bearish outcome, with fulfilled ETH whale orders on Binance and OKX amounting to $2.66 million and $8.44 million respectively. On the derivatives side, OKX futures registered net short positions worth $767.16 million. Despite this, Binance still managed to clock $359.13 million worth of longs.