BlackRock has been transferred a significant amount of BTC to the crypto exchange Coinbase, raising concerns about a sell-off. This is because the Bitcoin price continues to struggle to successfully break above $90,000.
Bitcoin Price at Risk as BlackRock Transfers BTC
Arkham data shows that Blackrock has deposited 2,201 BTC ($192.13 million) into Coinbase, putting the Bitcoin price at risk of falling further under increasing selling pressure. The move followed the outflow registered by BlackRock’s BTC ETF on December 26, with Bitcoin funds as a group seeing net outflows of $275.88 million.
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This Bitcoin ETFs are currently in a seven-day outflow streak, which also prompted BlackRock to deposit 6,174.39 BTC last week, which will likely offload these coins and redeem shares of its BTC fund. Bitcoin price is struggling to break above $90,000 amid these outflows from BTC funds.
Notably, the Bitcoin price broke above $90,000 on December 28, but quickly lost those gains yesterday when BlackRock moved the coins to Coinbase. Crypto expert Martini claimed that BlackRock wasn’t the only one putting significant selling pressure on the flagship crypto. He claimed that Binance, Wintermute, Coinbase and Fidelity also sold a significant amount of BTC, collectively dumping $3.5 billion yesterday.
Crypto expert Bull theory claimed that a weekend manipulation occurred when the Bitcoin price shot up $3,000 and broke $90,000, liquidating $103 million worth of shorts on Sunday. He then noted that BTC dumped $2,700 and liquidated $40 million worth of longs on Monday morning, clearing the entire pump. With the current price action, BTC is on its way for a red year-to-date close as it is currently down more than 6% year-to-date (YTD).
BTC could soon bottom out against other major assets
In an X-post, crypto analyst said Kevin Capital that most data is becoming more favorable for the Bitcoin price, causing a bottom to be reached stock markets and gold in the coming weeks. He added that the data also indicates that flagship crypto is outperforming these assets. The analyst stated that this was only based on factual data and not on emotions.
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The Bitcoin price had significantly outperformed these key assets at the start of the year, but has since fallen behind, following the October 10 crypto crash. Gold is up 66% this year the S&P500 has increased by 17% since the beginning of the year. Crypto analyst Ted Pillows predicted it too that BTC could recover quickly, noting that long-term holders have stopped selling for the first time since July 2025.
At the time of writing, the Bitcoin price is trading around $87,300, down more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com