Key takeout
- BlackRock moved 5,100 Bitcoin and 30,000 ether to Coinbase Prime on Thursday.
- IBIT has seen a $741 million spill this week amid Bitcoin price volatility and strategic hedge fund actions.
Please share this article
BlackRock has moved around $441 million worth of 5,100 Bitcoins and 30,000 ether to Coinbase Prime for about $71 million in the past hour, as tracked by Arkham Intelligence.
The move follows Tuesday's move for $160 million in Bitcoin and $44 million in Ethereum on BlackRock's Bitcoin Prime.
IBIT has experienced negative performance for three consecutive days, with around $741 million net outflows so far this week, based on data from far side investors. Spot Bitcoin ETF on the US list recorded its biggest daily outflow of over $1 billion a day on Tuesday, with IBIT taking over $164 million.
Given the recent sale of Bitcoin ETFs, deposits raise concerns about further liquidation as IBIT has performed negatively for three consecutive days.
The latest transfer comes as Bitcoin recovered just over $86,000 after falling to $83,000 on Tuesday, at its lowest level since November 2024.
Bitmex co-founder Arthur Hayes previously warned that hedge funds employing an arbitrage strategy (longer IBITs and shorter CME futures due to yields) pose potential risks to Bitcoin prices.
He warned that if the spread of the foundation narrowed during the decline in Bitcoin, these funds could sell IBITs to buy back futures, raising the price to $70,000.
Please share this article
