Blockchain data reveals that BlackRock has moved a large quantity of Bitcoin to the cryptocurrency exchange Coinbase, sparking worries about potential market sell-offs.
BlackRock transferred 2,201 BTC to Coinbase amid growing concerns over selling pressure. This comes as Bitcoin ETFs have experienced seven consecutive days of outflows and BTC struggles to maintain key resistance levels.
The market has seen increased volatility recently. Analysts suggest that multiple major players might be offloading assets, while weekend price fluctuations triggered liquidations on both bullish and bearish positions.
The outlook remains uncertain: some experts predict further declines, whereas others point to improving indicators and on-chain data showing long-term holders are no longer selling their Bitcoin holdings.
According to Arkham Intelligence, BlackRock deposited 2,201 Bitcoins into Coinbase while the digital currency continues trading below critical resistance points. This move follows an outflow from BlackRock’s Bitcoin ETF recorded on December 26 based on fund flow statistics.
Bitcoin Exchange-Traded Funds
Bitcoin ETFs have reportedly faced a continuous seven-day streak of withdrawals. The previous week saw BlackRock deposit 6,174.39 Bitcoins into Coinbase—likely intended for share redemptions related to its Bitcoin fund.
On December 28, Bitcoin briefly surpassed its resistance level but dropped again after BlackRock’s transfer was made public according to pricing charts.
Crypto analyst Martini highlighted that other entities such as Binance, Wintermute, Coinbase itself, and Fidelity also contributed significantly by selling large amounts of Bitcoin worth billions collectively—adding more pressure on prices.
Bull Theory noted notable price swings over the weekend: Sunday saw gains followed by declines Monday morning which caused liquidation events affecting both short sellers and long holders alike.
This year earlier in the cycle saw Bitcoin outperform traditional assets like gold and the S&P 500; however recent months since October have shown underperformance relative to these benchmarks.
Kevin Capital shared via X platform that technical indicators are becoming increasingly positive for Bitcoin’s outlook suggesting it may find a bottom soon compared with equities and gold markets—a conclusion drawn from detailed data analysis efforts.
UPDATE 🚨 HERE’S WHY BITCOIN IS DROPPING
BINANCE SOLD 12,779 BTC
WINTERMUTE SOLD 10,855 BTC
COINBASE SOLD 9,781 BTC
BLACKROCK SOLD 2,921 BTC
FIDELITY SOLD 4,008 BTCTHEY HAVE OFFLOADED $3.5 BILLION WORTH OF BITCOIN IN JUST ONE HOUR!
THIS IS MARKET MANIPULATION!! pic.tweet.com/7DsGETL4rt
Ted Pillows predicted a possible rally in Bitcoin prices noting that long-term investors have ceased selling for the first time since July of last year according to blockchain metrics analysis.
At present reporting time, bitcoin showed slight gains within the past twenty-four hours period indicating some stability amidst ongoing fluctuations.
Source: CoinGecko
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