BlackRock has taken on the GrayScale role, becoming the biggest source of instability during this crisis.

BlackRock deposited 2,700 BTC and 52,956 ETH into Coinbase.
On June 24, according to OnchainLens monitoring, BlackRock's address deposited 2,700 BTC (approximately $168.63 million) and 52,956 ETH (about $88.17 million) into Coinbase.
This deposit is the first large-scale reverse operation publicly recorded since BlackRock withdrew a large amount of funds from Coinbase in March this year.
Over the past six months, on-chain asset transfers between BlackRock and Coinbase have been frequent, mostly in the direction of net deposits, but the March withdrawal was seen as a signal of phased profit-taking or a change in custody strategy.
The amount of ETH deposited this time (52,956) is close to two large deposits on November 17 and 18 last year (54,730 and 64,707 ETH), while the BTC amount (2,700) is relatively restrained.
It is noteworthy that the ETH/BTC value ratio of this deposit is about 0.52, significantly lower than the nearly 1:1 ratio during the two large deposits in November last year, which may reflect BlackRock’s differentiated judgment on the current liquidity and risk exposure of the two asset classes, or to meet specific institutional client redemption or rebalancing needs. $BTC
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