BlackRock has transferred a significant amount of BTC to the crypto exchange Coinbase, sparking concerns about a sell-off. This comes as the Bitcoin price continues to struggle to break above $90,000 successfully.
Bitcoin Price At Risk as BlackRock Transfers BTC
BlackRock’s BTC ETF on December 26, with Bitcoin funds as a group seeing a net outflow of $275.88 million.
These Bitcoin ETFs are currently on a seven-day outflow streak, which also prompted BlackRock to deposit 6,174.39 BTC last week, likely to offload these coins and redeem shares of its BTC fund. The Bitcoin price has struggled to break above $90,000 amid these outflows from the BTC funds.
Notably, the Bitcoin price had broken above $90,000 on December 28 but quickly lost those gains yesterday as BlackRock moved the coins to Coinbase. Crypto pundit Martini claimed that BlackRock wasn’t the only one putting significant selling pressure on the flagship crypto. He alleged that Binance, Wintermute, Coinbase, and Fidelity also sold a significant amount of BTC, collectively dumping $3.5 billion yesterday.
Crypto pundit BTC is heading for a red yearly close, as it is currently down over 6% year-to-date (YTD).
BTC Could Bottom Out Soon Against Other Major Assets
In an X post, crypto analyst equity markets and gold in the coming weeks. He added that the data also points to the flagship crypto outperforming these assets. The analyst stated that this was based on just factual data and not emotions.
The Bitcoin price had notably outperformed these major assets at the start of the year but has since fallen behind, following the October 10 crypto crash. Gold is up 66% year-to-date while the S&P 500 is up 17% since the start of the year. Crypto analyst Ted Pillows also predicted that BTC could soon rally, noting that the long-term holders have stopped selling for the first time since July 2025.
At the time of writing, the Bitcoin price is trading at around $87,300, down over 3% in the last 24 hours, according to data from CoinMarketCap.
