The fluctuations in the price of Bitcoin recently increase the concerns among investors, while developments that may affect the market are closely monitored. In this context, Bitcoin and Ethereum transfers of Blackrock, one of the world’s largest asset managers, caused speculation for a potential wave of sales.
Blackrock made a high amount of transfer to Coinbase Prime
Blackrock, a Bitcoin ETF exporter and a large asset storage institution, has recently transferred Bitcoin and Ethereum to Coinbase Prime worth $ 204 million. This transfer was reported to cover 1,800 BTC (160 million dollars) and 18,168 ETH (44 million dollars). Since high -volume transfers to the stock market accounts were usually perceived as a sales signal, it created tension in the market.
However, experts say that these transfers may not be a sign of a wave of sales. It is reminded that Blackrock manages assets on behalf of investors as an ETF exporter and did not enter direct purchase-sale transactions. In this context, it is considered that the transfers may be mostly related to portfolio balance adjustments or investor shootings.
Big Outputs in Bitcoin ETF market
Blackrock’s stock market transfers coincided with a period of high exits in the Bitcoin ETF market. Kriptokoin.comAs we have reported as, investors, a total of $ 937.9 million output within a day, while Fidelity’s FBTC ETF was $ 344.7 million, and Blackrock’s IBIT ETF was lost $ 164.4 million. The fact that Blackrock has a total of 584,789 BTC (2.6 %of Bitcoin supply) has raised concerns that a possible sales movement may have a serious impact on the market.
However, Blackrock remains a positive attitude towards BTC. Larry Fink, the CEO of the company, predicted that the price could rise up to $ 700,000 if the sovereign asset funds invest in Bitcoin. Therefore, despite the current market uncertainty, there is no definite sign that Blackrock has taken a clear step towards the sale of Bitcoin. The latest transfers are thought to have been carried out within the scope of the company’s routine fund management.
The price of BTC has declined below $ 90,000 in recent days, showing a significant decrease in the $ 109,000 summit level. Geoff Kendrick from Standard Chartered claimed that Bitcoin may lose 10 %more depending on the outlets in US Bitcoin Spot ETFs, while the Founding partner of Bitmex Arthur Hayes said that the price could return to $ 70,000-75,000 before the US elections. Hayes, former US President Donald Trump’s budget plan proposed successfully, the Bitcoin market may experience more fluctuations in the market expressed.
