BlackRock, the world's largest asset manager, has executed significant transfers of Bitcoin and Ethereum to the Coinbase exchange, intensifying selling pressure in the cryptocurrency market. According to on-chain data from Arkham and Lookonchain, BlackRock moved 2,201 BTC (worth approximately $192.13 million) and 7,557 ETH in a single transaction, with a total value around $214 million.
This action is widely interpreted by the market as a preparatory step for selling, coinciding with substantial outflows from BlackRock's spot cryptocurrency ETFs. On December 26, the firm's IBIT Bitcoin ETF recorded a net outflow of $192.61 million, roughly equivalent to the 2,200 BTC transferred. Similarly, its ETHA Ethereum ETF saw net withdrawals of $22.12 million, aligning closely with the 7,560 ETH moved. These products are part of a broader trend, with Bitcoin ETFs experiencing a seven-day outflow streak totaling $275.88 million in net redemptions.
The institutional selling has contributed to Bitcoin's struggle to maintain key price levels. After briefly breaking above $90,000 on December 28, the price quickly retreated, erasing gains and falling over 3% to trade around $87,300. Analysts note that BlackRock is not alone; crypto pundit Martini alleged that Binance, Wintermute, Coinbase, and Fidelity collectively sold around $3.5 billion in BTC recently, adding to the downward pressure.
Despite the bearish sentiment, some analysts see potential for a bottom. Crypto analyst Kevin Capital suggested data is becoming more favorable for Bitcoin to put in a bottom against equities and gold in the coming weeks. Analyst Ted Pillows pointed to a potential rally, noting that long-term Bitcoin holders have stopped selling for the first time since July 2025.
