Key highlights:
- BlackRock transferred over $271 million worth of Bitcoin and Ethereum to Coinbase Prime, sparking speculation of potential selling activity.
- Spot Bitcoin ETFs have now recorded three consecutive days of net outflows, signaling weakening institutional demand.
- Bitcoin remains below its key moving averages while active sending addresses continue to surge, pointing to increased on-chain activity.
BlackRock shifts $271M in crypto to Coinbase Prime
Bitcoin is back under pressure after BlackRock transferred more than $271 million worth of digital assets to Coinbase Prime, a platform commonly used by institutional investors for custody and large-scale trading.
According to on-chain tracking data, BlackRock moved approximately 3,310 BTC, valued at $215.93 million, alongside 28,370 ETH worth around $55.68 million.
While transfers to Coinbase Prime do not necessarily confirm an imminent sale, they often precede portfolio rebalancing, redemptions or institutional trading activity. As a result, the transaction has reignited concerns that additional selling pressure could weigh on the broader crypto market.
The move arrives as Bitcoin struggles to regain bullish momentum after failing to establish a sustained move above the $65,000 psychological level.
Institutional demand weakens as ETF flows turn negative
The latest transfer comes during a noticeable shift in institutional sentiment.
After briefly signaling renewed demand earlier this month, U.S. spot Bitcoin ETFs have now posted three consecutive trading sessions of net outflows. The reversal suggests institutional investors have become more cautious following Bitcoin’s recent rejection near major resistance.
ETF flows have remained one of Bitcoin’s strongest demand drivers throughout the current market cycle. Sustained inflows have historically supported higher prices by reducing available supply, while persistent outflows tend to increase downside pressure as market participants reduce exposure.
With BlackRock’s transfer coinciding with the latest ETF withdrawals, traders are closely watching whether institutional selling could accelerate in the coming sessions.
On-chain activity points to increasing distribution
On-chain metrics also suggest market participants are becoming more active.
The number of active sending addresses has surged sharply over the past 24 hours, indicating that more Bitcoin holders are moving coins across the network. Rising sending activity often accompanies periods of elevated profit-taking, exchange deposits or portfolio reallocation, particularly during uncertain market conditions.
Although increased address activity does not automatically imply heavy selling, it reflects growing participation at a time when institutional demand has softened.
If exchange-related transfers continue rising alongside ETF outflows, selling pressure could remain elevated over the short term.
Bears continue to defend the $65K supply zone
From a technical perspective, Bitcoin’s structure remains tilted to the bears.
After briefly sweeping above the $65,000 resistance area last week, BTC failed to sustain the breakout and was quickly rejected back below the supply zone. The rejection reinforces $65,000 as one of the market’s most important resistance levels.
At the time of writing, Bitcoin was trading below both its 20-day and 50-day Exponential Moving Averages, indicating that short-term momentum remains in favor of sellers.
The inability to reclaim these dynamic resistance levels suggests buyers have yet to regain control despite intermittent rebounds.
Unless bulls successfully reclaim the $65,000 region and flip it into support, Bitcoin could remain vulnerable to additional bearish advancements as institutional flows weaken and exchange-related activity increases.
Source:: BlackRock Transfers $271 Million in Bitcoin and Ethereum to Coinbase as ETF Outflows Accelerates