BlackRock’s Bitcoin Moves Spark Market Debate as Prices Pull Back

BlackRock’s recent Bitcoin (BTC) transfers have drawn strong attention across the crypto market. The world’s largest asset manager has withdrawn Bitcoin from its Coinbase Prime account at a time when it has also been adding more BTC to its portfolio. 

This timing, combined with a pullback in Bitcoin’s price, has fueled debate of a possible sell-off. 

BlackRock Massive BTC Withdrawals Raise Questions

Recent on-chain data shows that BlackRock has made several Bitcoin withdrawals from Coinbase Prime. These movements came just as Bitcoin pulled back from recent highs above $97,000. 

The price has slipped by about 1% in the past 24 hours, which has made investors more sensitive to large institutional actions. 

Some analysts believe these transfers reflect routine custody operations. This includes moving Bitcoin from Coinbase’s hot wallet into the IBIT spot Bitcoin ETF. 

Others see the timing as a possible sign that BlackRock may prepare to sell part of its holdings, especially given recent market weakness.

A Pattern of Large Transfers

This is not the first time BlackRock has moved large amounts of digital assets. About a week ago, the firm transferred roughly $294 million worth of Bitcoin and Ethereum (ETH) to Coinbase. 

A similar transfer occurred a day earlier, which strengthened the view that these moves follow a pattern. Each transfer has arrived during moments of market tension, adding to speculation around BlackRock’s intentions. 

Despite the concerns, ETF flow data paints a more balanced picture. According to SoSoValue, Bitcoin ETFs recorded a total outflow of $394 million at the close of trading on Friday. Most funds saw investors pull money out. 

However, BlackRock’s IBIT ETF stood out, posting an inflow of about $15 million. In addition, reports show that BlackRock bought around 6,647 BTC in a single trading session yesterday. The firm now holds about 781,000 BTC, which is close to 4% of all Bitcoin currently in circulation. 

Bitcoin Loses Momentum as Market Uncertainty Grows

Bitcoin had traded steadily around the $90,000 level before pushing close to $98,000 earlier this week. Many analysts expected a return to the $100,000 mark. 

However, the rally lost strength and failed to hold. A major reason for the slowdown came from broader market uncertainty. 

Sentiment weakened after a crypto market bill faced setbacks during the week. Coinbase publicly criticized the bill, calling it “bad” legislation, which added to trader concerns and reduced risk appetite.

The negative mood did not stay limited to crypto. Crypto-related stocks recorded sharp losses, closely following Bitcoin’s decline. Traditional safe-haven assets also pulled back. Gold fell by about 1%, while silver dropped nearly 5%, despite both having a strong start earlier in the week.

Market pressure increased further after the U.S. Supreme Court delayed its ruling on the Trump-era tariffs. Investors had expected clarity this week, but the lack of a decision disappointed markets.