BlackRock transferred roughly 47,500 Ethereum ETH worth $140 million to Coinbase Prime on Monday.
Ethereum was trading at $2,954 at press time, down more than 6% in 24 hours.
The digital asset dipped below $3,000 on Monday amid broader market selloff.
What Happened
The transfer coincides with heavy outflows from BlackRock's Ethereum ETF.
Data from Farside Investors shows ETHA recorded $139 million in net outflows yesterday.
U.S.-listed Ethereum ETFs saw $225 million pulled overall.
As of December 12, ETHA held approximately 3.7 million Ethereum worth more than $11 billion.
BlackRock now trails BitMine Immersion, which expanded holdings to nearly 4 million ETH.
BitMine holds 3.97 million Ethereum, representing over 3.2% of the total supply.
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Why It Matters
The timing suggests BlackRock may be facilitating ETF redemptions following investor outflows.
Transfers to Coinbase Prime typically indicate institutional trading or custody operations.
Bitcoin fell below $86,000 during the same period, dragging sentiment across major cryptocurrencies.
BitMine's rapid accumulation demonstrates growing institutional competition for Ethereum holdings.
The firm added 102,000 ETH in the past week despite market volatility.
Chairman Thomas Lee remains bullish, projecting Ethereum could reach $7,000 by early 2026.
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