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BlackRock deposited 2400 BTC into Coinbase, worth $147.6 million.
Against the backdrop of six consecutive weeks of net outflows from ETFs, this news is easily interpreted as "institutions are buying the dip."
But the structure revealed by on-chain data is more complex: the supply in loss has reached an all-time high, while long-term holders' positions have simultaneously hit a record.
BlackRock's move appears more like an adjustment of custody arrangements rather than a one-way buy.
The market is experiencing a torn phase where ETF fund withdrawals coexist with on-chain accumulation, and any single signal could be noise.
$btc #etf # on-chain data #区块链 # crypto market