- BlackRock shifted 3,296 BTC ($254M) to Coinbase Prime in 10 large transactions, sparking speculation of liquidation or rebalancing.
- Such massive institutional transfers often precede heightened volatility and could signal a short-term correction in the crypto market.
- Bitcoin surged to $83,367 after Trump’s 90-day tariff pause, boosting investor confidence and driving a broader market rally.
In a shocking market move, institutional asset manager BlackRock transferred over $250 million from its IBIT Bitcoin ETF to Coinbase Prime Deposit wallets. As expected, this move sparked reactions from market participants, as experts suggested that a major market correction could be imminent.
BlackRock Moves Over $250M in Bitcoin Within Hours
Onchain data from Lookonchain show that BlackRock conducted a series of large transactions in a short timeframe spanning only two hours. During this period, ten separate transactions happened, totaling 3,296 $BTC (approximately $254 million). Eight out of the ten transfers were at 300 BTC each. The other two offloads totaled 295.769 BTC and 122.501, respectively.
BlackRock’s quickfire outflows have sparked reactions among market faithfuls and raised questions about the fund’s intentions. Oftentimes, institutional investors use Coinbase Prime for over-the-counter (OTC) trading or to prepare assets for liquidation. Hence, these outflows could be an early indicator that BlackRock is either liquidating part of its ETF holdings or rebalancing its Bitcoin position. Either scenario is significant and could influence investors’ sentiments.
If the BTC is offloaded in an open market, this move could indicate a bearish signal. In ideal conditions, large-scale asset transfers from top institutions to exchanges often set the stage for intensified sell-offs, which can trigger market volatility. If other institutions exit their holdings or retail investors jump in at this stage, a short-term market correction could be on the horizon.
However, these transfers may not necessarily indicate an immediate BTC sale by BlackRock. Coinbase Prime also offers custodial services for institutions and retail investors. With this in mind, the asset may have been moved for safekeeping rather than liquidation. Still, the sheer volume and timing of the transfers call for close market attention.
Bitcoin Surges as Trump Pauses Tariffs
At the time of writing, Bitcoin trades at $83,367 after surging 8.29% in its recent intraday session. In the past month, BTC has witnessed 15 green outings and trades close to its cycle high of $82,580. This rally aligns with the broader crypto market uptick, which is triggered by the news of President Trump’s 90-day tariff pause.
Trump remarked that tariff impositions were suspended for trade partners who agreed to sit on a negotiation table. However, he maintained his stance of raising China’s levies even further, to 125%, with immediate effect.
Following this news, US stocks skyrocketed significantly, as shown by CNN Business data. After consecutive days of slippage, the S&P 500 rallied index 9.5%, its biggest on-day rally in 17 years. The DOW index also soared by 7.87%, and NASDAQ completed the list with a 12.16% rally. The White House’s resolution came barely 24 hours after enacting the latest 46% levy on key trade partners.
