Bitcoin price just dropped to $103,525 has raised concerns in the market, returning to the price level seen in June and causing fear of a possible drop below $100,000.
The move comes amid increased selling pressure related to institutional activity, notably BlackRock’s transfer of $213 million in Bitcoin to Coinbase.
BlackRock's move surprises everyone
According to on-chain data, BlackRock transferred 2,042 BTC ($213 million) and 22,681 ETH ($80 million) to Coinbase on Tuesday during the early hours of the US trading session.
The timing of this transfer has attracted attention from traders who are monitoring institutional wallet movements for early signals of potential selling activity.
History shows that large transfers from major fund managers to exchanges are often preceded by strategic rebalancing or profit-taking, both of which can put pressure on short-term price sentiment.
“Last time they did this, the market crashed right after. Now with Bitcoin near $104K… Is sub-$100K next?” Kyle Doops asked on X.
Additionally, Daan Crypto Trades pointed out outflows from spot Bitcoin and Ethereum ETFs over the past four trading sessions.
“BTC & ETH have seen large outflows from ETFs over the past 4 trading days. This is adding to the already high selling pressure from OG whales over the past few weeks,” Daan wrote .
He warned that while ETF outflows are typically a lagging indicator, they can signal a change in sentiment, pointing to a repeating cyclical pattern.
“…we often see large outflows near the Dip and large inflows near the top… Large outflows plus prices not moving higher could indicate a local Dip , while large inflows plus prices not moving higher could indicate a top,” the analyst added.
In this context, he argues that Bitcoin’s lack of a sharp decline despite a large ETF pullback could imply buying support below $100,000, which could pave the way for a short-term bounce if selling pressure eases.
Bitcoin (BTC) price movement. Source: TradingViewAnalysts predict a cooling period
ETF expert Eric Balchunas added broader context, linking Bitcoin’s lackluster price action to broader risk-on market fatigue.
“Valuation anxiety is a nice way to put it. SPY is up 83% since the end of ’22… a correction makes sense, even healthy. Bitcoin senses this correction — the way an animal might sense a wave of uncertainty coming — and that’s why it’s been ‘meh,’” Balchunas said .
The ETF analyst also reiterated his view that the current period is a natural “step back” in the development of the ETF market.
Despite the weak market, some traders believe Bitcoin could find stability if buyers hold the psychological $100,000 level , an area that has attracted institutional demand during previous declines.
With ETF momentum waning and macroeconomic uncertainty rising, analysts XEM the coming days as crucial to determining whether this is a local bottom or the start of a deeper correction.
All eyes are on whether BlackRock's move signals a broader shift from institutions, or is just another aftershock in Bitcoin's volatile new era.
