BlackRock ends the week dumping millions worth of these 2 cryptocurrencies

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-purchased 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 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 so far in August, 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, with 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