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Print Record Outflow, BlackRock Transfers 7.432 Bitcoin to Coinbase Prime

BlackRock recorded what appears to be its largest daily outflow to date. Based on data from Arkham Intelligence on Monday (29/6), wallets associated with BlackRock were observed transferring 7.432 BTC, or the equivalent of $446 million, to the institutional platform Coinbase Prime. Around the same time, the company is also known to have moved 8.150 ETH worth $12,8 million.
​Although it has sparked concerns about potential selling pressure in the market, the movement of such large amounts of assets is actually a routine operational mechanism. Coinbase Prime acts as the primary custodian for BlackRock’s iShares Bitcoin Trust (IBIT) product, so this massive transfer is purely intended to facilitate the ETF share redemption process for institutional clients.
​This transaction settlement step aligns with the trend of weakening cash flows in the US spot ETF market over the past few weeks. Large investors are currently adjusting their portfolios to respond to still-cautious macroeconomic conditions, thereby driving high demand for asset redemptions from BlackRock.
BTC-0.97%
ETH0.68%
IBIT1.00%
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ThisIsTranslateContent:
· 1h ago
Buy the dip entry 😎
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ThisIsTranslateContent:
· 1h ago
Get in! 🚗
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ThisIsTranslateContent:
· 1h ago
Just go for it 👊
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HighAmbition
· 1h ago
good information
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