BlackRock’s recent crypto moves have been nothing short of aggressive, underscoring the fact that institutional adoption of digital assets is gaining full steam. After a month-long buying spree and countless headlines featuring nine-digit acquisitions, however, the fund has finally made a major sale. Namely, on June 23, BlackRock deposited 8,172 Ethereum ( ETH ), worth approximately $18.4 million, to Coinbase Prime , according to data provided by Arkham. BlackRock ETH deposits. Source: Arkham BlackRock ETH sale The June 23 transaction, is seen as a potential pivot in the firm’s crypto strategy, particularly in regard to Ethereum. However, given the fund’s past optimism and high-profile involvement in crypto ETFs (exchange-traded funds), the deposit could also reflect macroeconomic caution. Indeed, Ethereum tanked 10% earlier today, despite $274 million in institutional inflows recorded on the weekend, trading as low as $2,178 at one point. At press time, ETH was trading at $2,257, still down -0.45%. ETH 24-hour price chart. Source: Finbold The primary driver behind Ethereum’s recent pullback appears to be geopolitical, as Iran has approved the plans to close the Strait of Hormuz, a vital global oil chokepoint, which could cause potential trade disruptions. To put things into perspective, the broader crypto sector saw approximately $950 million in liquidations following the news. Featured image via Shutterstock The post BlackRock could dump millions of this crypto appeared first on Finbold .