The recent Bitcoin (BTC) price struggles have led to people carefully monitoring every event around the market, which could affect its performance. Of these, BlackRock selling news is gaining the most attention, as reports suggest that it has transferred millions of assets to Coinbase Prime. Investors fear further market crashes, so what’s happening? Let’s discuss. BlackRock Bitcoin Transfer Gives Chills to Investors BlackRock is a renowned asset custodian and issuer of the IBIT ETF. As a custodian, it holds assets on behalf of investors and often conducts transactions for various purposes. However, its recent transfer of 1,800 BTC ($160M) to Coinbase Prime puts it in a tough spot, as investors understand it as a possible sell-off. Along with the BTC transfer, the ETF provider also transferred 18,168 ETH ($44M), bringing the total to $204M. Meanwhile, the Bitcoin price crashed to $88.16k , adding extra fears among investors and speculation about selling. This is because a move to the exchange wallet often results in selling. However, that is not the case here. This is because, as a custodian, this ETF manager cannot directly buy or sell the asset. It actually holds assets on behalf of the ETF investors. More importantly, analysts believe this move does not indicate a sale. Instead, it could be related to portfolio rebalancing, redemptions, or operational adjustments within the fund. BlackRock Selling More of ETF Outflows This asset manager is grabbing investors’ attention with $204M worth of asset transfers on February 25 within a short time. Interestingly, these events happened amid the broader ETF market outflows, where the Bitcoin ETFs saw a single-day exit of $937.9M. Here, the Coinglass report reveals Fidelity ETF (FBTC) witnessed the most significant outflow of the day, at $344.7M, and IBIT came next with $164.4M, which many considered selling. Considering BlackRock holding of 584.789K BTC (2.6% of the total supply), including the $50 billion worth of token purchases in 2024 alone, investors’ concerns are considerable. If they begin selling, the crypto market crash will accelerate severely. However, this is less likely to happen, especially as this asset manager is a pro-crypto supporter. Its CEO, Larry Fink, predicts that BTC price could hit $700,000 if sovereign wealth funds allocate a small percentage of their assets to the cryptocurrency. Conclusion: No, They Are Not Selling Bitcoin Despite speculation and investor concerns, it is clear that this asset manager is not selling BTC. Though the transfers were present, that could be a part of redemptions or rebalancing, as the asset manager has done the same before multiple times. Additionally, the firm has long held a positive stance on crypto and believed in its continuous growth, even to as high as $700,000, so the selling outcome is less likely. Amid these speculations, the Bitcoin price is still volatile, trading at $88.3k after an 8% drop last week. Investors should focus on their strategies in this volatile market rather than panicking over wallet transfers. The post Is BlackRock Selling Bitcoin (BTC)? appeared first on CoinGape .
