The world’s largest asset manager, BlackRock, has once again deposited Bitcoin (BTC) worth approximately $383.9 million to Coinbase Prime. According to on-chain tracking platform Lookonchain, the asset manager also moved about $122 million worth of Ethereum (ETH) during this period.
### BlackRock’s Recurring Bitcoin Transfers Stir Concern
Coinbase Prime is a platform that handles crypto assets from institutional investors, either for trading or storage purposes. The substantial volume of Bitcoin that BlackRock has been depositing on Coinbase has sparked sell-off speculations among market participants.
Some investors are questioning whether BlackRock is privy to market developments that retail traders have yet to notice. There is speculation that the asset manager might be preparing to offload a significant amount of Bitcoin on the market.
However, it’s important to note that BlackRock has not initiated any sell orders as of now. These deposits to Coinbase Prime might simply represent custodial or operational movements. Asset managers often transfer Bitcoin for reasons such as custody changes, audits, or liquidity management.
Despite no concrete actions taken regarding these Bitcoin transfers, the market is closely watching for any forthcoming developments. Transfers of this magnitude by BlackRock have the potential to influence overall market sentiment.
### Market Cautious Amid Crypto Volatility
The cryptocurrency market has been particularly volatile in October, driven by ongoing macroeconomic tensions. This environment has made investors more cautious. The repeated Bitcoin deposits by BlackRock could potentially lead to sell pressure on BTC, which might result in price declines.
As previously reported by U.Today, just 10 days ago, BlackRock made a similar deposit of 2,854 BTC valued at around $314 million to Coinbase Prime. The frequency of these large transfers is causing concern among investors who are attempting to discern any patterns in BlackRock’s activity.
### Bitcoin Price Movement and Market Sentiment
Despite these concerns, Bitcoin has surged by 2.05% in the last 24 hours and is currently trading at approximately $110,564.53. The coin recently broke through the $110,000 resistance level after climbing from a daily low of $106,376.69.
However, Bitcoin’s trading volume has not mirrored the price uptick. Volume is down by 17.37%, currently standing at around $63.91 billion. The repeated transfers by BlackRock seem to have dampened market participants’ enthusiasm for accumulating BTC, as some may be anticipating a further decline in price.
### Potential for Liquidations if Bitcoin Price Rises
Interestingly, the Bitcoin market could face significant liquidations if the price climbs higher to around $112,600. Data suggests that many traders holding short positions could suffer severe liquidations if bullish momentum pushes prices beyond this level.
In summary, while BlackRock’s large Bitcoin deposits to Coinbase Prime have raised eyebrows and triggered speculation, it remains unclear whether these movements will lead to immediate sell-offs. Market participants continue to monitor the situation carefully amid a volatile market environment.
https://u.today/383900000-in-bitcoin-stun-coinbase-what-is-blackrock-up-to
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