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BlackRock Withdraws BTC and ETH from Exchanges, Signals Long-Term Hold
On-chain data shows that the asset management giant BlackRock has been making large crypto withdrawals from Coinbase Prime on Tuesday (07/04). According to Lookonchain reports, BlackRock withdrew 2,607 BTC worth $177.5 million and 28,391 ETH worth $59 million. Moving assets from exchanges to external wallets is generally interpreted as a move for long-term storage or custody transfer.
Large-scale withdrawals like this structurally reduce the circulating supply of Bitcoin and Ether on exchanges. The movement of assets by institutions like BlackRock occurs amid global volatility caused by geopolitical tensions. Reducing stock on exchanges can technically tighten supply and demand dynamics within the digital asset ecosystem.
Although market sentiment remains clouded by risk aversion (risk aversion), institutional accumulation by BlackRock becomes an important indicator in the supply structure. Data shows that sustained institutional fund movements can significantly alter liquidity maps. The current focus is on the impact of these withdrawals on Bitcoin’s position as a credible store of value (store of value).