BlackRock (NYSE: BLK) abruptly halted its month-long Bitcoin buying streak by transferring 4,113 BTC—valued at approximately $429 million—to Coinbase (NASDAQ: COIN) Prime earlier today, according to blockchain analytics firm Lookonchain.
The sizable transactions, mostly dispatched in uniform chunks of 300 BTC, indicate a deliberate strategy rather than random transfers. Importantly, Coinbase Prime is predominantly used by institutional investors preparing to sell or rebalance holdings, suggesting BlackRock may be positioning itself to reduce exposure.
BlackRock’s iShares Bitcoin Trust (IBIT) had been consistently acquiring Bitcoin throughout May, with steady inflows. However, on May 30, the fund recorded a sudden outflow exceeding $430 million—the largest single-day withdrawal to date—coinciding closely with today’s substantial Bitcoin transfer.
Bitcoin’s price has softened recently, sliding from peaks above $112,000 to around $104,000, a moderate correction that, coupled with BlackRock’s activity, is drawing investor attention.
Despite this move, BlackRock maintains a dominant position, controlling over $69 billion in Bitcoin assets and more than 3% of the total circulating supply. This suggests the firm is not exiting the market but may be adjusting its strategy after weeks of accumulation.
Whether this signals a short-term profit-taking maneuver or a broader strategic shift remains uncertain. Nonetheless, the market’s largest institutional Bitcoin holder has taken a notable step toward selling, casting a shadow over the otherwise bullish momentum.
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