BlackRock's $429 Million Bitcoin Move: Profit-Taking or Strategy Change?
BlackRock has transferred 4,113 $BTC (approximately $429 million) to Coinbase Prime in organized batches of 300 BTC. This comes after weeks of continuous buying.
Key points:
- Matches IBIT's $430 million outflow on May 30
- Sent to Coinbase Prime, commonly used for institutional adjustments
- Bitcoin price fell from $112,000 to $104,000
Market implications:
- Possible short-term downward pressure
- BlackRock still holds about 3% of all Bitcoin ($69 billion worth)
- Important to watch future flows and ETF activity
Trader perspective:
This could be normal profit-taking, but the timing matches recent market volatility. Watch the $100,000 support level for next moves.
Source: U.Today
