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BlackRock, the world’s largest asset management company, is alleged to have sold approximately $1 billion worth of Bitcoin last week.
According to data shared by the on-chain analytics platform Arkham, the company transferred approximately $1.01 billion worth of BTC to Coinbase Prime addresses. These movements have sparked new debates regarding the positions of institutional investors in the cryptocurrency market.
According to Arkham’s analysis, BlackRock made regular Bitcoin transfers every day throughout the past week. It is noteworthy that all of these transfers were routed to Coinbase Prime.
Market experts note that the transactions may not directly represent selling on the open market, but could be operational actions taken to offset investor outflows from the IBIT spot Bitcoin ETF.
BlackRock-managed iShares Bitcoin Trust (IBIT) is one of the largest spot Bitcoin ETFs in the market. Recent weeks have seen significant outflows from US spot Bitcoin ETFs, prompting funders to reorganize their reserve management. Analysts suggest that transfers to Coinbase Prime addresses may largely be aimed at fulfilling investor withdrawal requests.
On the other hand, increasing macroeconomic pressures and interest rate expectations in the market are also reducing the risk appetite of institutional investors. While the Bitcoin price has been volatile recently, ETF outflows are considered among the important factors increasing selling pressure in the market.
Experts say that while BlackRock’s transfers may have an impact on short-term price movements, this should not be seen as a negative signal in terms of long-term institutional adoption. Arkham data also reveals that large investor movements continue to be closely monitored in the market.
*This is not investment advice.