BlackRock IBIT, $190 Million Bitcoin Movement...Mounting Selling Anxiety

▲ Bitcoin (BTC), cryptocurrency decline/AI generated image

Amidst large block trades and net outflows from BlackRock's Bitcoin (BTC) spot ETF IBIT, $192 million worth of Bitcoin was moved to Coinbase Prime.

According to Coingape on May 27 (local time), BlackRock transferred 2,538 BTC to a Coinbase Prime wallet on that day. The value of the Bitcoin at the time of transfer was estimated to be approximately $192.53 million. Coingape reported that this movement coincided with large-scale trading activity surrounding BlackRock's Bitcoin spot ETF, IBIT.

According to Arkham data, the transfer was made from a wallet labeled “BlackRock: Coinbase Prime” to another Coinbase Prime-linked wallet. Coingape explained that this movement signals a portfolio adjustment related to the large net outflows from BlackRock IBIT.

Prior to this Bitcoin movement, an unusual large block trade occurred in BlackRock's iShares Bitcoin Trust ETF on May 26. According to Bloomberg ETF analyst Eric Balchunas, 29,212,864 shares of IBIT were traded at an average of $43.16 per share, with the total trade volume reaching approximately $1.26 billion. Balchunas stated that the market absorbed the selling volume, and IBIT's price showed only a limited decline.

Pressure was also confirmed in ETF fund flows. According to Farside Investors data, IBIT recorded a net outflow of $192.4 million on May 26. Previously, $68.9 million flowed out on May 22, and $103.7 million on May 21. On the same day, the total net outflow from all US Bitcoin spot ETFs was $333.6 million.

Fund outflows continued from other Bitcoin spot ETFs as well. Fidelity's FBTC saw an outflow of $57.7 million, Bitwise's BITB saw $28.8 million, and Grayscale's GBTC saw $41.3 million. However, IBIT maintains its lead among Bitcoin spot ETFs with cumulative inflows of $64.58 billion since its launch. IBIT's average daily inflow was $108.7 million, and its all-time high daily inflow exceeded $1.11 billion.

*Disclaimer: This article is for investment reference only and is not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*