In 6 days, BlackRock transferred $1.42 billion worth of BTC to Coinbase, averaging nearly $240 million per day. As the world's largest asset manager, its BTC custody path is primarily through Coinbase, but such dense and large-scale transfers are rare in history. Combined with the backdrop of Bitcoin ETFs experiencing net outflows for eight consecutive weeks, this seems more like preparing in advance for potential redemption demand rather than actively adding positions. On-chain data shows that the number of BTC deposit addresses on exchanges has increased significantly over the past week, while the growth rate of whale accumulation addresses has slowed. BlackRock's actions resonate with the selling behavior of retail investors and miners, but in the opposite direction — institutions are preparing liquidity, not accumulating. If the BTC transferred by BlackRock is eventually redeemed, it will create substantial selling pressure on the market. Currently, ETF outflows are not accelerating, but if the transfer rate continues, it may indicate that institutions' concerns about short-term liquidity are rising. The market rebounded to $63k, but BlackRock's on-chain behavior suggests that the sustainability of the rebound requires more capital inflows to verify. $btc #defi #etf #链上数据 #Blockchain