Coinbase Facilitates $91 Million Ethereum Sale for BlackRock Clients Amid Portfolio Rebalancing

BlackRock's institutional clients have executed a significant Ethereum sale, offloading 26,610 ETH worth $91 million via Coinbase Prime. This transaction, one of the largest institutional Ethereum movements in recent weeks, was tracked by blockchain analysts and originated from BlackRock's Ethereum ETF address to Coinbase custody wallets. Despite this divestment, BlackRock continues to hold a substantial $13.6 billion Ethereum position, maintaining 3.9 million ETH in its portfolio. The move highlights the ongoing portfolio rebalancing activities among major institutional players in the cryptocurrency market, with Coinbase playing a pivotal role in facilitating these large-scale transactions.

BlackRock Clients Execute $91 Million Ethereum Sale Amid Portfolio Rebalancing

BlackRock's institutional clients have offloaded 26,610 ETH worth $91 million via Coinbase Prime, marking one of the largest institutional ethereum movements in recent weeks. The transactions, tracked by blockchain analysts, originated from BlackRock's Ethereum ETF address to Coinbase custody wallets.

Despite the divestment, BlackRock maintains a substantial $13.6 billion Ethereum position, holding 3.9 million ETH. Market observers interpret the move as routine portfolio reallocation rather than diminished confidence in Ethereum's outlook.

The sale follows contrasting flows in crypto ETFs - Bitcoin products saw inflows while Ethereum funds experienced outflows. Institutional investors appear to be reweighting digital asset exposures rather than exiting positions entirely.

Movement Token Faces Turbulence Amid Scandal and Exchange Delisting

Movement Network's MOVE token has plunged to an all-time low of $0.05791970 following a dual crisis. The modular blockchain protocol—designed to bridge Move and EVM ecosystems—faces reputational damage after Movement Labs suspended a co-founder linked to a $38 million token dump. Coinbase compounded the sell-off by delisting MOVE effective May 15.

Despite the turmoil, analysts project a potential rebound to $0.61985 by 2025, with ambitious $3.18828 targets for 2030. The protocol's technical merits as Ethereum's first Move-EVM Layer-2 solution continue attracting developer interest, though competitors like Ethena (ENA) and ONDO now capitalize on its misfortunes.

Market observers note the token's volatility reflects broader tensions in modular blockchain projects. Movement's ability to stabilize will depend on transparent governance reforms and renewed exchange support—factors currently overshadowing its interoperability innovations.