A major event has occurred!!! BlackRock has transferred over $2.5 billion in BTC and ETH to Coinbase in just three days, signaling a bearish trend!
Recent on-chain data shows that the world’s largest asset management company, BlackRock, has continuously transferred a large amount of assets from its iShares Bitcoin Trust and Ethereum Trust to the Coinbase Prime exchange over the past 72 hours. These transfers involve multiple transactions of Bitcoin and Ethereum, with the largest single Bitcoin transfer being 300 coins and the largest single Ethereum transfer being 10,000 coins.
The market generally views the transfer of funds from custody wallets to exchanges as a precursor to selling, but in-depth analysis suggests the situation may be more complex:
This large-scale transfer by BlackRock, especially moving assets to Coinbase Prime, is likely a routine operation for custody optimization and liquidity management, aimed at preparing for the daily subscription and redemption processes of ETFs, rather than a simple bearish position and liquidation. The total amount of these transfers only represents a tiny fraction of BlackRock’s massive cryptocurrency holdings, far from shaking the fundamentals.
During the same period, other major institutions like Grayscale have also made similar moves to transfer assets to exchanges. However, on-chain data indicates that the current largest single outflow on-chain is much smaller than the "billion-level sell-off" during the market crash on October 11, and the overall market leverage is relatively low, making the possibility of replicating the previous "chain liquidation" events smaller.
The short-term emotional impact is greater than the actual selling pressure: the headline “BlackRock is dumping” will exacerbate market panic, leading to retail sell-offs. However, the actual selling pressure may be overestimated, and the key is to observe the internal order book conditions on the exchanges.
Creating a buying opportunity at low levels: If prices drop irrationally due to panic sentiment, the range of $98,000 to $100,000 could be a valuable buying opportunity for long-term retail investors.
This significant transfer by BlackRock appears to be a dump on the surface, but in essence, it resembles a tactical rebalancing by institutions in response to macroeconomic changes. It reveals that the market is shifting from being driven by retail to being led by institutions, with actions that are more complex and focused on long-term strategy.
Brothers, a strong coin that can explode with a tenfold profit is here, and I will prepare for a big move in the upcoming market, going all in to buy the bottom! Success will definitely fill our pockets, I want to witness this in the chat room.
