BlackRock Shifts $429M Bitcoin Haul to Coinbase Prime—Market Braces for Impact

Wall Street’s crypto dance continues as BlackRock makes a jaw-dropping move—half a billion in Bitcoin hits exchange waters. Cue the ’institutional sell-off’ panic.

Prime playground: The world’s largest asset manager just parked its $429M BTC stash in Coinbase’s institutional sandbox. Traders now face the ultimate game theory test—will they hodl or fold?

Meanwhile, crypto Twitter oscillates between ’bullish infrastructure move’ and ’bearish liquidation signal.’ Because when has this market ever agreed on anything?

Bonus cynicism: Nothing unites traditional finance and crypto like the shared religion of moving other people’s money around for fees.

• BlackRock moves 4,113 BTC to Coinbase Prime from IBIT ETF wallets
• BTC dips under $105K amid speculation of institutional selloff
• On-chain data shows no confirmed Bitcoin sale by BlackRock

BlackRock has moved 4,113 Bitcoin worth $429 million to Coinbase Prime, halting its month-long buying streak. The transfer followed a record a $430 million outflow from its iShares Bitcoin Trust. The transfer has renewed market speculation about a possible shift in BlackRock’s strategy.

On-chain data confirmed multiple transactions from BlackRock-linked wallets to Coinbase Prime over a 24-hour window. All the transactions used batches of 300 BTC which suggests a planned and orderly transfer of funds. These actions made investors concerned about possible redemptions or internal changes.

BlackRock deposited 4,113 $BTC ($429.4M) to #CoinbasePrime 2 hours ago — its first MOVE to sell after more than a month of consistent buying.https://t.co/qmuDIrP9my pic.twitter.com/jV7aFszKZi

IBIT Partners With Coinbase Prime as its Custodian

The funds came from wallets linked to the IBIT ETF which has recently received regular inflows. While the largest single-day outflow happened at the same time with this transfer, there is no proof of a sale. The ETF still holds more than 664,000 Bitcoin, as reported in the latest filings.

IBIT has partnered with Coinbase Prime as its custodian which means the transfer is possible. According to market observers, this type of transaction is often a normal part of fund management, involving redemptions. However, the timing has made people more concerned during a price correction in Bitcoin.

Bitcoin Price Action

The price of bitcoin fell below after the wallet activity and traded at $104,385 during press time.  Although the drop was less than 1%, it went below a key psychological support level. The combination of a price decline and a large transfer made investors concerned about selling by institutions.

Blockchain analysts found no evidence that the Bitcoin has been sold on the open market. Wallet tracking data shows the assets are held by Coinbase Prime without further movement. There were no unusual spot trading volumes or order book changes after the transfer.

Bitcoin prices were stable and the overall market mood was neutral. Analysts pointed out that Bitcoin’s rolling 90-day volatility remains among its lowest since the IBIT ETF launched. The fact that markets did react much means investors have not panicked.

Arkham Intelligence Confirms ‘BlackRock Did Not Sell’

Arkham Intelligence reported that BlackRock has not executed a sale related to the Coinbase Prime transfer. There was no Bitcoin moved to wallets that are usually involved in selling or liquidation. This reinforces that the transfer happened for custody and not for distribution of the funds.

There is no evidence of big holders withdrawing or quickly transferring their bitcoin. The ETF can move assets internally without changing the overall supply because of its structure.

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