Blackrock dumps $1M Energy Web (EWT) holdings days after praising it

YEREVAN (CoinChapter.com) – Blackrock, the world’s largest asset manager, made headlines on Aug. 11 after announcing a Bitcoin Trust launch.

However, the company also referenced another digital asset, Energy Web Token (EWT), which explores renewable energy-related Bitcoin mining.

Santiment data shows that Blackrock held $1 million worth of EWT tokens at the time of the announcement. But, as of Aug. 15, the company had reportedly dumped the entire stash.

Did Blackrock invest in EWT?

In the Bitcoin Trust-related press release, BlackRock noted that the crypto market sees “substantial interest from some institutional clients.” The asset manager also pinpointed several projects that “encourage” the company to look into blockchain technologies.

BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy usage in bitcoin mining and will follow progress around those initiatives.

mentioned the company.

The comment sparked a bullish move on the Energy Web charts, as EWT rallied 70% between Aug. 11 and 13, briefly reaching $4.60. The rally subsequently cooled off as the asset price stabilized around $3.9 ahead of Monday’s New York session.

Asset manager dumped Energy Web?

Meanwhile, BlackRock’s press release did not refer to any investments in the project. However, Santiment data showed that Blackrock had more than 100,000 EWT in its wallets.

Jump to Aug. 14: Santiment announced that Blackrock had exited its EWT positions after the token “spiked over $3.6.”

EnergyWebToken been on quite a journey for the past week as Blackrock‘s only address holding $1 million or more EWT leaving.

commented Santiment.

While a pump-and-dump scheme is nothing new in the crypto sphere, Santiment did not provide proof of the investment or the dump and later retracted the tweet.

Whether it was a Blackrock wallet that dumped $1 million in EWT holdings or not, the token tumbled and could continue to fall throughout the coming sessions. The trading volumes on the daily chart signified insufficient buying pressure to further fuel the rally, as marked on the chart above.

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Meanwhile, as a result of the said rally, EWT climbed from rank #262 on Aug. 10 to #192 on Aug. 15, with a looming risk of losing the position within the top 200.