BlackRock moves Bitcoin and Ethereum to Coinbase Prime
BlackRock moves BTC and ETH to Coinbase Prime
BlackRock, the world’s largest asset manager, has transferred 5,100 Bitcoin (BTC) worth approximately $441.88 million and 30,280 Ethereum (ETH) valued at $71.85 million to Coinbase Prime, a full-service institutional brokerage platform.
The move has raised concerns among investors about a potential sell-off and broader market impact, according to the Cryptopolitan.
A Strategic Shift or Imminent Sell-Off?
The transactions, revealed by blockchain analysis firm Onchain Lens, coincide with recent outflows from BlackRock’s iShares Bitcoin Trust ETF (IBIT). According to Farside Investors, IBIT recorded its largest single-day outflow on February 26, selling 5,002 BTC worth $418.1 million. The transfer follows a three-day streak of negative flows, adding to market anxiety.
Observers speculate whether the move is part of routine liquidity management or a signal of impending selling pressure. While some investors worry about BlackRock offloading assets, others argue that the transfers simply reflect shareholder activity rather than a deliberate liquidation strategy by the firm.
Meanwhile, Bitcoin has dropped nearly 12% in the past week, trading at $85,798 as of this writing—down 21.19% from its all-time high of $109,114 in January. The Bitcoin Fear and Greed Index has plummeted to 10, indicating extreme fear, a level not seen since the FTX collapse in November 2022.
Despite the turmoil, industry experts like Anthony Pompliano remain optimistic, predicting a long-term surge driven by macroeconomic factors and liquidity shifts. However, with ongoing uncertainty around U.S. economic policies, the market remains on edge, awaiting further developments in BlackRock’s crypto strategy.
BlackRock, the world’s largest asset manager with $11.5 trillion under management, has recommended allocating 1% to 2% of portfolios to Bitcoin (BTC) for some investors. The suggestion, part of a new report on multi-asset portfolios, marks a major endorsement from the financial giant.
