BlackRock has moved a considerable volume of BTC to Coinbase, raising alarms about a potential sell-off. This transfer occurs as the Bitcoin price continues to face challenges in successfully surpassing $90,000.
Bitcoin Price Under Pressure as BlackRock Moves BTC
According to Arkham data, BlackRock has deposited 2,201 BTC ($192.13 million) into Coinbase, heightening the risk of a further downturn in Bitcoin prices amid rising selling pressure. This action follows the outflow recorded by BlackRock’s BTC ETF on December 26, where Bitcoin funds collectively saw a net outflow of $275.88 million.
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These Bitcoin ETFs have been experiencing a streak of outflows for seven days, prompting BlackRock to deposit 6,174.39 BTC last week, likely to liquidate these coins and redeem shares of its BTC fund. The Bitcoin price has found it tough to break above $90,000 amid these outflows from the BTC funds.
Interestingly, the Bitcoin price had surpassed $90,000 on December 28 but quickly lost those gains yesterday as BlackRock shifted the coins to Coinbase. Crypto expert Martini noted that BlackRock was not the sole entity exerting significant selling pressure on the leading crypto. He asserted that Binance, Wintermute, Coinbase, and Fidelity also sold large amounts of BTC, together offloading $3.5 billion yesterday.
Crypto analyst Bull Theory indicated there was market manipulation over the weekend as the Bitcoin price surged by $3,000, exceeding $90,000 and liquidating $103 million worth of shorts this Sunday. He further observed that on Monday morning, BTC fell $2,700, resulting in the liquidation of $40 million worth of longs, negating its previous gains. Given the current price trends, BTC is on track for a negative yearly closing, being down over 6% year-to-date (YTD).
BTC May Soon Find a Bottom Against Other Major Assets
In a post on X, crypto analyst Kevin Capital expressed that recent data appears increasingly favorable for Bitcoin, potentially establishing a bottom in comparison to the equity markets and gold over the upcoming weeks. He also remarked that such data suggests Bitcoin could outperform these assets. The analyst emphasized that this assessment is grounded in factual data rather than emotional bias.
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Initially, the Bitcoin price managed to outperform these significant assets at the year’s beginning but has since lagged, especially after the October 10 crypto crash. Gold has seen a 66% increase year-to-date, while the S&P 500 has risen by 17% since the year began. Crypto analyst Ted Pillows noted the potential for a BTC rally, highlighting that long-term holders have ceased selling for the first time since July 2025.
As of this writing, the Bitcoin price is approximately $87,300, reflecting a decrease of over 3% in the last 24 hours, based on data from CoinMarketCap.
Image credit: Pixabay, chart from Tradingview.com
