BlackRock Moves 2,201 BTC to Coinbase, Sparking Selling-Pressure Concerns
BlackRock transferred 2,201 BTC to Coinbase, according to Arkham Intelligence, prompting concerns about potential selling pressure as BTC trades below a key resistance level. The move followed a recent outflow from BlackRock’s Bitcoin ETF and comes amid a reported seven-day streak of net outflows from Bitcoin ETFs. Market observers also flagged large sales by other major players — Martini alleged Binance, Wintermute, Coinbase and Fidelity sold substantial BTC — which together could amount to billions of dollars of supply hitting markets. Price volatility spiked over the weekend with short- and long-position liquidations; BTC briefly broke resistance on Dec 28 but slipped after the BlackRock transfer. Some analysts warn of further downside, while others note improving on-chain indicators — including a halt in long-term holder selling — and technical signals that could indicate a bottom relative to equities and gold. At the time of reporting BTC was slightly up over 24 hours. Key data points: 2,201 BTC moved to Coinbase, prior weekly deposit of 6,174.39 BTC for ETF redemptions, reported multi-day ETF outflows, and claims of additional large sell-offs (examples cited: Binance 12,779 BTC, Wintermute 10,855 BTC, Coinbase 9,781 BTC, Fidelity 4,008–figures reported by market commentators).
Bearish
The transfer of 2,201 BTC to Coinbase — coupled with reported ETF outflows and alleged large sell-offs by other major firms — increases the immediate supply pressure on spot markets. Transfers to centralized exchanges often precede liquidations or sell orders, which can amplify short-term downward momentum. Weekend volatility and liquidations of both long and short positions show low liquidity windows can produce sharp moves. Historically, large ETF-related deposits and exchange inflows (for example, major sell-offs tied to liquidation events or fund redemptions) have correlated with short-term price declines as selling absorbs buy-side liquidity. However, mixed signals exist: improving on-chain metrics (long-term holders pausing sales) and some technical indicators cited by analysts could limit or shorten the correction, supporting a potential consolidation or bottoming in the medium term. For traders: expect higher short-term volatility and potential downside pressure — consider tighter risk management, watch exchange inflows, ETF flow data, and long-term holder metrics for signs of stabilisation. If inflows to exchanges persist or large custodians continue redemptions, bearish pressure may extend; if inflows subside and long-term holder accumulation resumes, a neutral-to-bullish reversal could follow over weeks.