Ethereum Profit-Taking Accelerates as BlackRock Dumps Millions
Ethereum's recent price surge has reached its peak, at least for now. The cryptocurrency broke through $2,400 for the first time since May and has been in overbought territory. However, this momentum has begun to cool down, and profit-taking is accelerating.
According to reports from 0xNobler, a DeFi researcher, BlackRock has been aggressively selling millions of dollars' worth of ETH and BTC. This comes as a surprise, given that institutional flows have been driving the recent rally in Ethereum ETFs, which pulled in $508.6 million since Monday.
Whale orderbooks also reflect this bearish shift, with both spot and derivatives positions signaling profit-taking. On Binance, fulfilled ETH whale orders on the spot market amounted to $2.66 million, while OKX futures registered net short positions worth $767.16 million.