BlackRock moved 4,113 BTC worth $429M to Coinbase Prime after a month of steady accumulation, sparking concerns over a potential sell-off.
In a break from its record of steady Bitcoin accumulation, BlackRock put 4,113 BTC on Coinbase Prime.
The selling is making people worry about a massive selloff, which could send Bitcoin prices falling below $105K.
BlackRock Sends $4,113 Worth Of Bitcoin To Coinbase Prime
Looking at data shared on X by Lookonchain, the investment company has moved much of Bitcoin to a single exchange.
According to the records, the investment company sent 4,113 Bitcoin worth $429M to Coinbase Prime over several transactions.
The money comes from its iShares Bitcoin Trust ETF, which has accumulated a lot of Bitcoin for the past month.
The transfers of assets to Coinbase Prime make buyers think that BlackRock might be planning to sell some of its holdings.
However, a closer look shows possible clues about the Bitcoin payments to Coinbase Prime. First, Coinbase Prime is the custodial partner of BlackRock’s IBIT ETF.
This shift suggests that the move will be simple.
The movement of the fund could be a part of how the ETF works, such as an attempt to rebalance the portfolio or cash out possible investors.
