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 the largest cryptocurrency prices tumbling below $105K.

BlackRock Transfers 4,113 Bitcoin To Coinbase Prime

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 IBIT 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 key insights into the 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 portfolio rebalancing.

Last Friday, BlackRock’s IBIT recorded $430M in outflows, with the recent transfer to Coinbase Prime signaling redemptions. However, fears of a selloff continue to linger for investors as the asset price slides further away from its all-time high.

Bitcoin ETF sees record outflows after racking up over $44 billion in inflows in 30 days, pushing the flagship cryptocurrency to an all-time high.

Bitcoin Price Falters Amid Sell-Off Fears

BlackRock’s transfer to Coinbase Prime is adversely affecting BTC prices. At the moment, Bitcoin is trading at $104,385, sliding below the $105K psychological level.

In the last hour, the Bitcoin price is down by nearly 1% as market sentiment turns slightly bearish on the heels of BlackRock’s transfer. Furthermore, Strategy’s acquisition of 705 BTC for $75M failed to trigger a rally for the flagship cryptocurrency.

Previous transfers to centralized exchanges by whales have historically impacted Bitcoin price despite the absence of a sell confirmation. Capriole Fund founder Charles Edwards has forecasted a bullish outlook for Bitcoin in June, but a lackluster start to the month could derail an imminent all-time high.