BlackRock Transfers 2,201 BTC to Coinbase Amid Market Concerns

BlackRock has transferred a substantial amount of BTC to Coinbase, raising concerns about potential sell-offs. This movement comes as Bitcoin struggles to maintain a price above $90,000.

Key Points

BlackRock deposited 2,201 BTC ($192.13 million) into Coinbase, increasing selling pressure on Bitcoin.
Bitcoin ETFs have experienced a seven-day outflow streak, with BlackRock depositing 6,174.39 BTC last week.
The Bitcoin price briefly exceeded $90,000 but fell after BlackRock's transfer.
Other entities like Binance, Wintermute, Coinbase, and Fidelity reportedly sold significant amounts of BTC, contributing to a $3.5 billion collective dump.
Bitcoin's price action suggests it's heading for a red yearly close, down over 6% YTD.

Analyst Insights

Analyst Kevin Capital believes Bitcoin could bottom out soon compared to equity markets and gold.
The flagship crypto initially outperformed major assets this year but has lagged since October's crash.
Gold is up 66% YTD, and the S&P 500 is up 17%.
Ted Pillows predicts a potential BTC rally as long-term holders cease selling.

Currently, Bitcoin trades at approximately $87,300, marking a 3% decline in the past 24 hours.