1 Billion Shiba Inu (SHIB) Sell-Off Triggered, $1.5 Trillion Giant Franklin Templeton Updates XRP ETF Filing, Whales Dumping Dogecoin (DOGE) — Crypto News Digest

Just a day after its last Ethereum deposit that raised eyebrows across the crypto community, leading investment firm BlackRock has executed another massive offload in Bitcoin and Ethereum.

On Thursday, October 6th, renowned on-chain crypto tracking platform Lookonchain announced another major deposit of 4,653 BTC and 57,455 ETH into Coinbase Prime.

What is BlackRock up to?

According to data shared by the source, BlackRock transferred about $478.5 million in BTC and $194.9 million in ETH, worth a total of over $673 million, to Coinbase Prime within the last few hours.

It is important to note that the move came just 24 hours after BlackRock deposited 34,777 ETH worth approximately $114.97 million into the same Coinbase Prime address.

Notably, the repeated transfers — executed in multiple batches of roughly 300 BTC or 10,000 ETH at a time— signal a deliberate institutional positioning, likely an attempt to sell off large portions of its holdings.

While BlackRock is known to manage the world’s largest Bitcoin ETF and recently launched its Ethereum ETF, it has continued to dominate the ETF ecosystem with consistent daily inflows.

However, the frequent sell attempts the firm has executed recently have raised questions about whether it is still holding on to its bullish stance.

While major Bitcoin funds like BlackRock often move assets to adjust holdings and match inflows or market demand, some commentators believe the firm could simply be providing liquidity for ETF operations rather than exiting its positions.

Nonetheless, the timing of the transaction has triggered greater concern, as it coincides with Bitcoin, Ethereum, and major altcoins sliding aggressively over the past week.

With speculations suggesting that the market may have already concluded its bullish phase, panic selling has spread across the market as investors gradually lose confidence.

Thus, BlackRock’s suspected sell activity has heightened fear among traders as the market continues to remain in deep red territory.

Samourai Wallet co-founder Keonne Rodriguez was sentenced to five years in prison, the maximum time frame prosecutors had called for after they say Rodriguez and his co-founder operated a crypto mixing service that helps launder millions of dollars in criminal proceeds. 

Rodriguez was sentenced on Thursday in the U.S. District Court for the Southern District of New York and was ordered to pay a $250,000 fine, according to reporting from Inner City Press.

Prosecutors had said that Rodriguez, who served as chief executive officer, and co-founder William Lonergan Hill, who served as chief technology officer, designed Samourai to offer two features, including a crypto mixing service called "Whirlpool" to help people engage in criminal conduct.

The pair also encouraged users to launder criminal proceeds through the mixer on X, prosecutors previously alleged.

The pair pleaded guilty in July after initially denying the charges last year. During the hearing on Thursday, Rodriguez told the court that he was sorry and said he would not break the law again.

Rodriguez's lawyer drew a distinction between Rodriguez and former FTX CEO Sam Bankman-Fried, saying that he lives in a $250,000 home in Pennsylvania and is a "warm family man," according to reporting from Inner City Press. 

Bankman-Fried shared a penthouse in the Bahamas with other FTX executives. He was found guilty in November 2023 on all seven criminal counts of defrauding lenders, customers and investors, and was later sentenced to 25 years in prison last year. 

Crypto mixing has been at the forefront of cases involving crypto.

In August, Tornado Cash developer Roman Storm was found guilty on a money transmitting charge, but the jury was unable to reach a verdict on money laundering and sanctions charges.

Since then, crypto advocacy groups have raised money to donate to legal funds for Storm and Tornado Cash co-founder Alexey Pertsev. 

Hill's sentencing is scheduled for Nov. 19. 

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Ethereum’s recent decline has drawn attention across the crypto market as the second-largest cryptocurrency struggles to recover from its 15% weekly loss. The ongoing bearish conditions have dragged ETH down to levels not seen in months. 

However, this sharp correction may signal the start of a recovery, as Ethereum appears to have reached the point of bearish saturation.

Ethereum Enters Historic Reversal Point

The 30-day MVRV ratio highlights that Ethereum has officially entered the “opportunity zone,” a range historically linked to potential reversals for the first time in five months. This zone, defined between -10% and -20%, represents periods when investors stop selling as losses deepen. Instead, they often accumulate at discounted prices, providing support for an upcoming recovery.

Historically, ETH has rebounded whenever it enters this zone, signaling a shift in investor sentiment from fear to accumulation. This trend often precedes bullish rallies as traders begin to anticipate price growth once market selling pressure stabilizes.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

On the macro scale, Ethereum’s Relative Strength Index (RSI) supports this optimistic outlook. Currently hovering near 30.0, the RSI indicates ETH is approaching oversold conditions. Assets near this threshold often experience reversals, as selling momentum weakens and buyers begin to reenter the market.

If ETH dips any further below the 30.0 RSI level, it could trigger a strong technical rebound. Such signals typically attract traders seeking short-term gains while also improving the long-term outlook. The combination of low MVRV and near-oversold RSI reinforces the possibility of Ethereum’s bullish reversal in the coming days.

ETH Price Has A Bullish Future

Ethereum’s price stands at $3,397 at the time of writing, following its steep 15% weekly decline. To recover, ETH must reclaim $3,800, a level that previously acted as a critical support zone.

If the momentum aligns with technical indicators, Ethereum could rise past $3,489 resistance and breach the $3,607 barrier, targeting $3,802 next. Sustained investor accumulation would further strengthen this rally.

However, if investor sentiment weakens, Ethereum could slip below $3,367 support, potentially falling to $3,131. This drop would invalidate the bullish thesis and prolong ETH’s consolidation phase.

The US Federal Reserve’s decision to ease monetary policy is inflating an economic bubble that could drive up the prices of hard assets, but also marks the final phase of a 75-year economic cycle, according to former hedge fund manager Ray Dalio.

Typically, the Federal Reserve eases interest rates when economic activity is stagnating or declining, asset prices are falling, unemployment is high and credit dries up, as seen during the Great Depression of the 1930s or the 2008 financial crisis, Dalio wrote in an article posted to X on Wednesday.

However, the Fed is now easing monetary policy at a time of low unemployment, economic growth and rising asset markets, Dalio wrote, which is typical of late-stage economies saddled with too much debt. 

This “dangerous” combination is more inflationary, Dalio wrote, warning investors to keep an eye on upcoming fiscal and monetary decisions.

The continued inflationary pressure and currency debasement are positive catalysts for Bitcoin (BTC), gold and other store-of-value assets, which are seen as hedges against macroeconomic and geopolitical risks, including a reset of the global monetary order.

Investors are unsure about the Fed’s next move

“There were strongly differing views about how to proceed in December,” Federal Reserve Chair Jerome Powell said in October. “A further reduction in the policy rate at the December meeting is not a foregone conclusion — far from it.”

Over 69% of investors predict a 25 basis-point interest rate cut at the next Federal Open Market Committee meeting in December, according to data from the Chicago Mercantile Exchange.

A key on-chain metric used to assess Bitcoin’s upward potential, the Bull Score, has plunged to zero out of a possible 10 points. This marks the first time the score has hit zero since January 2022, the period that preceded the last major bear market.

Data from the on-chain analytics platform CryptoQuant showed the Bull Score indicator registering zero on Thursday. Analysts warned that immediate action is required to avoid a prolonged slump.

Bull Score Signals Transition to Consolidation

The Bull Score is a composite metric designed to evaluate the market’s health and trend by integrating ten distinct on-chain and market indicators across four main categories. This includes Network Activity, Volume, Investor Profitability, and Market Liquidity.

The score is typically interpreted as a Bear Market signal when it falls below 40 and a Bull Market signal when it exceeds 60.

As of November, all 10 on-chain components of this metric are below trend. Most notably, the MVRV (Market Value to Realized Value and stablecoin liquidity on the Bitcoin network have plunged dramatically over the past month.

When Bitcoin’s MVRV ratio drops, it typically signals reduced investor profitability. It can suggest a potential undervaluation or buyer re-entry zone, depending on the context.

A declining MVRV means the market value is approaching or falling below the average cost basis of holders. In simple terms, investors are holding less unrealized profit or even losses.

While the score stayed extremely low throughout the 2022 bear market, the current situation is structurally different, given that Bitcoin is holding a historically high price near $100,000.

Nevertheless, why are the indicators showing this result? This is because ETF and corporate inflows slowed.

Overall, it’s evident that for a sustained upward rally, new demand must materialize. The current setup, according to the analysts, looks like an early bear-market transition.

Banking behemoth JPMorgan has suddenly turned bullish on Bitcoin, predicting that the price of the leading cryptocurrency could potentially reach $170,000 within the next six months.

The banking giant now believes that Bitcoin is actually undervalued against gold. 

Crypto is becoming "mainstream" 

In the meantime, Bitwise CEO Hunter Horsley claims that crypto is becoming a mainstream asset class.

He sees 2025 as the start of a new chapter for the fledgling industry, which is now coming of age. 

However, growing institutional adoption can also be seen as a bearish factor. As reported by U.Today, Galaxy Digital recently substantially lowered its Bitcoin price target to $120,000, citing the fact that Bitcoin has entered its "maturity era" as one of the reasons behind the decision.