Something strange continues to happen in the cryptocurrency market, and it seems like no other market participants can surprise other than this size with a new twist with each ride on this roller coaster. But here we are.
As LookonChain reported, BlackRock is a $10 trillion financial mastodon, issuer, one of the most successful ETFs in history, and a Bitcoin-centric IBIT to be precise, and abandoned the 3,296 BTC that just dumped the surprising 3,296 BTC at the main Creptolency at Coinbase on a major Creptolency at Coinbase.
Is it worth saying that such a move is perceived by market participants as a very bearish and worrying sign?
BlackRock deposited $3,296 BTC (254mm) at #coinbaseprime two hours ago. https://t.co/qmudirp9my pic.twitter.com/nb5cp3cj
– lookonchain (@lookonchain) April 9, 2025
Behind this fear, it is rare for two people to go together, but there is logic behind this fear. The problem is that common sense among crypto market participants is that a major shift towards centralized platforms is seen as an intention to sell by large owners.
It’s probably not, but it appears that they haven’t seen such a move on behalf of BlackRock since the launch of the Bitcoin ETF in January 2024.
Given the current speculation and confusion, the US economy is currently there, but not even the fact that $400 million in Bitcoin might hit a Coinbase purchase order, but that’s the BlackRock behind it.
Of course, the fund itself is not removing its cryptocurrency holdings, but rather an ongoing leak from IBIT forces the sale of the underlying assets. As of now, BlackRock still holds 572,074 BTC, which is equivalent to approximately $448.9 billion.
