Bitcoin has experienced a decline, currently trading at $95,000 after peaking near $98,000 earlier this week. This drop reflects mounting selling pressure in the market, coinciding with notable activity from BlackRock, the largest asset manager globally.
Over the past three days, BlackRock has moved significant amounts of cryptocurrency off Coinbase. Recent on-chain data indicates that the firm has withdrawn approximately 12,658 BTC, valued at around $1.21 billion, and 9,515 ETH, roughly $31.3 million. Within just the last 10 hours, BlackRock extracted 3,312 BTC (about $314 million) and 5,336 ETH (approximately $17.5 million).
This is not an isolated incident. Last week, BlackRock transferred about $294 million worth of BTC and ETH to Coinbase just before a major crypto options expiry, raising eyebrows among investors due to the timing of these transactions. However, the firm has yet to clarify whether these withdrawals are linked to sales or simply part of internal fund management strategies.
In the realm of exchange-traded funds (ETFs), the data presents a mixed scenario. According to SoSoValue, U.S. spot Bitcoin ETFs faced a net outflow of $394.68 million by the end of Friday. While most funds saw capital exit, BlackRock”s IBIT managed to attract an inflow of approximately $15 million.
Additionally, reports suggest that BlackRock has recently acquired about 6,647 BTC in a single transaction, bringing its estimated total holdings to nearly 781,000 BTC, which accounts for almost 4% of the circulating supply.
Amid these developments, overall market sentiment has weakened, influenced by broader pressures within the cryptocurrency market and uncertainties regarding U.S. crypto legislation. This is particularly evident after Coinbase publicly criticized the proposed legislation, further complicating the landscape for investors.
