BlackRock withdraws BTC from Coinbase as Bitcoin drops to $95K, sparking market speculation of a possible sell-off.
BlackRock has withdrawn a large amount of Bitcoin from Coinbase Prime shortly after the cryptocurrency dropped to $95,000. This move has caused speculation in the market, with many investors watching closely for signs of a possible sell-off.
Although some analysts suggest these are internal transfers, others remain cautious due to the timing.
BTC Transfers from Coinbase Raise Questions
Recent blockchain data shows BlackRock made multiple withdrawals from its Coinbase Prime account over the past few days. These transactions came shortly after Bitcoin failed to hold above the $97,000 mark and fell to around $95,000.
The timing of the transfers has drawn attention, with many questioning whether the firm is preparing to sell.
Some sources suggest that the withdrawals are routine custody transfers. They may involve moving Bitcoin from the exchange’s hot wallet to BlackRock’s IBIT ETF.
However, previous similar moves happened just before large market events, including options expiries. These patterns have led some investors to monitor the firm’s activity more closely.
Earlier this month, BlackRock also moved about $294 million in Bitcoin and Ethereum to Coinbase. That action took place shortly before a period of increased market volatility.
A few days later, the company made another large transfer, leading to further speculation about its purpose.
Bitcoin ETFs See Mixed Flows Amid Market Pullback
According to SoSoValue data, Bitcoin ETFs recorded outflows of around $394 million at the close of trading on Friday.
While many funds saw reduced inflows, BlackRock’s IBIT was the only one to show a positive net inflow of about $15 million. These figures add more complexity to the ongoing market discussion.
Despite the withdrawals, BlackRock reportedly added 6,647 BTC to its holdings during a recent trading session. This brings its total holdings to over 781,000 BTC. That figure now represents close to 4% of the total Bitcoin in circulation.
The ETF inflows show that institutional demand for Bitcoin still exists, although the short-term market response remains mixed. As a result, traders are keeping a close watch on further ETF activity in the coming days.
Related Reading: BlackRock Transfers Massive BTC and ETH Holdings Worth $293M to Coinbase – Here’s Why
Market Sentiment Shifts After Crypto Legislation and Court Delay
Bitcoin price had approached $98,000 earlier this week before falling back to $95,000. This decline followed a wave of negative sentiment around a proposed crypto market bill.
Coinbase, one of the largest exchanges, described the bill as harmful to the industry. This public stance added pressure to an already cautious market.
At the same time, broader financial markets reacted to a delayed Supreme Court decision on the Trump-era tariffs. Many had expected clarity on the issue, but no decision was made. This delay has left investors uncertain and cautious across asset classes.
Other markets, including gold and silver, also recorded losses this week.
Gold dropped around 1% while silver declined nearly 5%, showing wider risk-off behavior among investors.
Source: https://www.livebitcoinnews.com/blackrock-withdraws-bitcoin-as-btc-slips-to-95k-sparking-sell-fears/
