BlackRock Breaks Acccumulation Streak, Moves $429M In Bitcoin To Coinbase Prime

BlackRock has broken its streak of steady Bitcoin accumulation after it deposited 4,113 BTC on Coinbase Prime. The outflow is stoking fears of a massive selloff, sending the largest cryptocurrency prices tumbling below $105K.

BlackRock Transfers 4,113 Bitcoin To Coinbase Prime

According to on-chain data shared on X by Lookonchain, BlackRock has moved a significant amount of Bitcoin to a centralized exchange. Per the data, BlackRock transferred 4,113 Bitcoin valued at $429M to Coinbase Prime in multiple transactions.

The assets come from its IBIT ETF with a month-long streak of heavy Bitcoin accumulation. The asset transfers to Coinbase Prime are fuelling speculation of a potential sell-off by BlackRock among investors.

However, a closer look reveals key insights into the transfers to Coinbase Prime. For starters, Coinbase Prime is the custodial partner of BlackRock’s IBIT ETF, with the transfer hinting at a routine move. The fund movement may be part of the ETF operations, including potential investor redemptions or an attempt at portfolio rebalancing.

Last Friday, BlackRock’s IBIT recorded $430M in outflows, with the recent transfer to Coinbase Prime signaling redemptions. However, fears of a selloff continue to linger for investors as the asset price slides further away from its all-time high.

Bitcoin ETF sees record outflows after racking up over $44 billion in inflows in 30 days, pushing the flagship cryptocurrency to an all-time high.

Bitcoin Price Falters Amid Sell-Off Fears

BlackRock’s transfer to Coinbase Prime is adversely affecting BTC prices. At the moment, Bitcoin is trading at $104,385, sliding below the $105K psychological level.

In the last hour, the Bitcoin price is down by nearly 1% as market sentiment turns slightly bearish on the heels of BlackRock’s transfer. Furthermore, Strategy’s acquisition of 705 BTC for $75M failed to trigger a rally for the flagship cryptocurrency.

Previous transfers to centralized exchanges by whales have historically impacted Bitcoin price despite the absence of a sell confirmation. Capriole Fund founder Charles Edwards has forecasted a bullish outlook for Bitcoin in June, but a lackluster start to the month could derail an imminent all-time high.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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