Just-In: 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 Bitcoin prices tumbling below $105K.

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 iShares Bitcoin Trust 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 potential insights into the Bitcoin 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 rebalancing the portfolio.

#MyCOSTrade #SaylorBTCPurchase #TrumpMediaBitcoinTreasury #MarketPullback #BTC