Market sentiment turned cautious on Monday after BlackRock transferred a substantial amount of Bitcoin and Ethereum to Coinbase Prime, triggering speculation that the move could precede a major sell-off. While such transfers do not automatically signal selling, the size of the transaction was enough to unsettle traders across social media.
What BlackRock Moved — and Why Traders Care
Blockchain data revealed that BlackRock deposited 3,743 Bitcoin and 7,204 Ethereum into Coinbase Prime, a platform commonly used by institutional investors. At current market prices, the Bitcoin transfer is valued at roughly $339 million, while the Ethereum deposit is worth about $22 million, bringing the total close to $361 million.
According to Lookonchain, the funds originated from wallets linked to BlackRock’s spot Bitcoin and Ethereum exchange-traded funds (ETFs). Large transfers to exchanges are closely monitored because they can increase short-term volatility by raising the possibility that new supply may enter the market.
Although deposits to Coinbase Prime do not always precede selling, traders often treat them as potential warning signals. BlackRock has not issued any public comment explaining the move.
Reaction on X was immediate and divided. Some traders described the transfer as “really scary,” suggesting it looked like a precursor to something “massive.” Others were more measured, pointing out that similar moves in the past have sometimes meant nothing at all.
Several users noted that Coinbase Prime deposits can be related to internal rebalancing or custody management rather than outright selling. Still, the uncertainty was enough to reignite fears about sudden market moves.
ETFs Still in Their Early Days
In a recent interview with CNBC, BlackRock’s head of ETFs, Jay Jacobs, emphasized that Bitcoin ETFs remain in the early stages of adoption, even though they have been part of the firm’s lineup for two years.
“It’s still so early,” Jacobs said, highlighting that many financial advisors only recently gained access to products like the iShares Bitcoin Trust ETF (IBIT) and the iShares Ethereum Trust ETF (ETHA).
IBIT has declined by more than 3% over the past year, mirroring Bitcoin’s pullback from its October highs. Jacobs noted that broader adoption could take time as advisors and platforms gradually integrate crypto exposure.
Bitcoin Price Outlook Remains Range-Bound
At the time of writing, Bitcoin was trading near $92,000. According to CCN analyst Victor Olanrewaju, BTC remains locked in a wide consolidation range.
“The daily chart shows BTC has been stuck in a broad consolidation range since November, trading between $85,592 and $93,681,” he said. Because price action continues to bounce within that zone, Bitcoin “still lacks a clear directional bias.”
Technical signals also point to fading momentum. Bitcoin is hovering near its 20-day exponential moving average after slipping below the 50-day EMA, suggesting weakening short- and mid-term trend strength.
“As a result, Bitcoin’s price is more likely to fluctuate sideways than break out,” Olanrewaju noted, warning that the recent rebound could turn out to be a “dead cat bounce” unless fresh liquidity enters the market.
For now, BlackRock’s transfer has added uncertainty, but analysts maintain that Bitcoin’s broader structure remains one of consolidation rather than imminent collapse.
Social Media Reacts With Caution and Debate