BlackRock Bitcoin Transfer to Cryptocurrency Exchange Raises Market Concerns

Source: CryptoNewsNet Original Title: BlackRock Bitcoin transfer to Coinbase raises market concerns Original Link: BlackRock transferred 2,201 Bitcoin to a major cryptocurrency platform, raising concerns about potential selling pressure in the market, according to blockchain data.

Key Highlights

• BlackRock transferred 2,201 BTC to a cryptocurrency exchange, extending concerns over selling pressure as Bitcoin ETFs logged a seven-day streak of outflows and BTC failed to hold key resistance.
• Market volatility increased, with analysts pointing to potential selling from multiple large players and weekend price swings triggering liquidations on both sides of the market.
• Signals are mixed, as some analysts warn of further downside while others highlight improving data indicators and on-chain evidence that long-term holders have stopped selling.

Market Analysis

Blockchain intelligence data shows BlackRock deposited 2,201 Bitcoin into the platform as the digital asset continues to trade below a key resistance level. The transfer follows an outflow recorded by BlackRock’s Bitcoin exchange-traded fund on December 26, according to fund flow data.

Bitcoin ETF Trends

Bitcoin ETFs have reportedly experienced a seven-day outflow streak. BlackRock deposited 6,174.39 Bitcoin the previous week, reportedly to facilitate share redemptions of its Bitcoin fund.

Bitcoin briefly broke above its resistance level on December 28 but declined following BlackRock’s transfer, according to price data.

Multiple Selling Pressures

Cryptocurrency analyst Martini stated that BlackRock was not the only entity creating selling pressure on the digital asset. The analyst alleged that several major exchanges and trading firms also sold significant amounts of Bitcoin, collectively representing billions in value.

Cryptocurrency analyst Bull Theory reported price volatility over the weekend, with the price rising on Sunday before declining Monday morning, triggering liquidations of both short and long positions.

Mixed Signals

Bitcoin outperformed major assets including gold and the S&P 500 earlier in the year but has underperformed following declines in October.

Cryptocurrency analyst Kevin Capital noted that data indicators have become more favorable for Bitcoin, suggesting the asset could bottom against equity markets and gold in the coming weeks. The assessment was based on technical and on-chain data analysis.

Cryptocurrency analyst Ted Pillows predicted Bitcoin could rally, noting that long-term holders have stopped selling for the first time since July 2024, according to on-chain data.

At the time of reporting, Bitcoin was up slightly over the previous 24 hours.