Amid Bitcoin's plunge, BlackRock transferred 630 billion won worth of BTC and ETH to Coinbase.
As the cryptocurrency market continues its downward trend, BlackRock, the world's largest asset management company, is attracting attention for its large-scale coin transfers. This move, made amidst the plummeting prices of Bitcoin (BTC) and Ethereum (ETH), is expected to have a significant impact on market sentiment.
According to blockchain analytics firm Arcam Intelligence, BlackRock transferred approximately 5,080 BTC (approximately 595.3 billion won) and 27,196 ETH (approximately 39.7 billion won) to Coinbase Prime on the morning of the 5th. The total transaction amounted to approximately 635 billion won.
These large-scale transfers, coupled with the recent surge in volatility, are adding to market tensions. Bitcoin, which had fallen below $71,000 the previous day, fell to $69,200 (approximately 117.96 million won) as of the morning of the 5th, a drop of more than 22% in just one week.
Massive net outflows from ETFs… Forced liquidations of leveraged assets also amount to over 1 trillion won.
The market decline also had a direct impact on cryptocurrency-based exchange-traded funds (ETFs). BlackRock's spot Bitcoin ETF, IBIT, recorded net outflows of approximately $373 million (approximately KRW 547.5 billion) on Wednesday. On the same day, all US Bitcoin spot ETFs experienced net outflows of $545 million (approximately KRW 800 billion).
As market anxiety spread, leveraged positions were liquidated. The liquidation volume in the past 24 hours exceeded $1 billion (approximately KRW 1.4675 trillion), with long positions accounting for the majority, at $897 million (approximately KRW 1.3167 trillion).
Bitcoin -20%, Ethereum -30% this year
Bitcoin and Ethereum's year-to-date declines are also widening. Since the beginning of 2026, Bitcoin has fallen by more than 20%, while Ethereum has fallen by around 30%. Ethereum's relative weakness is particularly notable.
While large cryptocurrency movements between exchanges don't necessarily indicate immediate sell-offs or withdrawals, market participants are reacting sensitively to such movements. Experts believe the recent surge in transfers and liquidations could be an indicator of a market bottom.
With Bitcoin and Ethereum prices rapidly declining, the actions of large institutional investors could impact market sentiment in the short term. However, whether they actually sell and the future direction of their holdings remains to be seen.
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This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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