Asset management company BlackRock sent 6,164 BTC to Coinbase. According to on-chain data shared on Tuesday, the total value of the transfers was calculated at $425 million at the prices at the time of the transaction. The move in question came at a time when selling pressure was increasing on the Bitcoin side.
Details of the transfer
Lookonchain, the blockchain monitoring platform that shared the data, stated that the transactions were made in approximately 13 separate transfers. The majority of shipments involved approximately 300 BTC per transaction. As one of the world’s largest asset managers, BlackRock is closely watched in the crypto market, especially for its influence in the spot Bitcoin ETF market.
Mini dictionary: On-chain data refers to open data obtained from wallet movements and transaction records on the blockchain. Although this data shows that the transfer has occurred, it does not alone confirm the exact purpose of the transaction.
The company has not made a public statement regarding the rationale for these Bitcoin transfers. Despite this, market participants often interpret such large transfers to Coinbase as a sign of possible sales preparation.
According to Lookonchain data, BlackRock transferred 6,164 BTC to Coinbase; The total size of the transactions, which were divided into approximately 13 parts, reached 425 million dollars.
The series of exits continues on the ETF front
According to the information conveyed in the news, approximately a month has passed since BlackRock’s last Bitcoin purchase. In this process, it is stated that a long-standing sales-oriented period continues in the company’s Bitcoin fund, and the series has not been interrupted yet.
The decline in Bitcoin price is also among the factors supporting this picture. It is stated that with the decline in the market, both individual and institutional investors faced significant losses, and weaker positions began to exit the market.
Institutional investor interest weakened
It is reported that the negative outlook appears most clearly in the spot Bitcoin ETF market. It was noted that net outflows have continued on a daily basis for the last three weeks, and ETF products have failed to attract new capital during this period.
While it was stated that the total monthly outflows exceeded 2.4 billion dollars, it was stated that this process turned into the longest outflow series seen since the Bitcoin ETFs were opened for trading. The fact that institutional investors continue to withdraw funds has also increased the discussions regarding the short-term direction of the market.
