BlackRock alarms the market with a massive transfer of Bitcoin
9:00 AM ▪ 3 min read
Amid a turbulent period for cryptocurrency ETFs, BlackRock decided to transfer 2196 BTC to Coinbase Prime. This strategic decision triggered a reaction in the Bitcoin market.
In brief
BlackRock transfers 2.196 BTC to Coinbase to adjust its liquidity.
Despite the IBIT withdrawals, exposure to Bitcoin remains strong.
A massive transfer that reignites speculation
On December 9, BlackRock initiated a massive transfer of Bitcoin to Coinbase Prime, its institutional custody platform. The transaction involved 2196 BTC, valued at over 200 million dollars.
According to data from Arkham Intelligence, this is not the first time BlackRock adjusts its positions. However, this latest Bitcoin transaction is attracting attention for its magnitude and the timing of its occurrence.
On the same day, BlackRock's Bitcoin ETF recorded net outflows of $135 million. Some interpret this as the beginning of a withdrawal. However, IBIT remains in first place with over $60 billion in inflows since its launch.
For some cryptocurrency analysts, these withdrawals are still common. For others, it is more about asset rotation than a signal of weakness. The choice of Coinbase Prime to store these BTC would also confirm the search for security in a context of optimized asset management.
BlackRock's repositioning is revolutionizing the Bitcoin market
This transfer occurs as other institutional investors increase their positions in Bitcoin. This is particularly the case for Fidelity, whose ETF FBTC absorbed significant volumes. This allowed the overall Bitcoin ETF market to close positively after several days of capital outflows.
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