- On June 8, BlackRock reportedly transferred approximately $227 million worth of Bitcoin (BTC) to Coinbase Prime, sparking discussion in the community.
- On Monday, Bitcoin reclaimed its $64,000 mark despite significant outflows into Bitcoin ETFs and extreme fear in the cryptocurrency market.
- Amid bearish sentiment in the cryptocurrency market, Bitwise’s Hyperliquid ETF, BHYP, recorded its first outflow on Friday.
Amid bearish sentiment in the overall cryptocurrency market, BlackRock has reportedly moved $227 million worth of Bitcoin (BTC) to Coinbase Prime, a leading brokerage platform.
BlackRock moves funds after large outflows into ETFs
On June 8, Data on the string Arkham revealed that addresses linked to BlackRock saw an outflow of 3,580 bitcoins, which is equivalent to about $226.8 million. These transactions sparked fear in the community as large amounts of Bitcoin entered.
While Bitcoin (BTC) is already facing selling pressure, the transfer of Bitcoin on the brokerage platform raises questions about BlackRock’s intention behind this deal.
Coinbase Prime is the leading brokerage platform for several financial institutions, including the BlackRock iShares Bitcoin Trust (IBIT), along with the Ethereum Trust. Coinbase Prime is known for the various services on the platform. This includes safe custody of assets, assistance in creating and redeeming ETF shares, liquidity management, trade execution, and more.
For major financial institutions and ETF issuers, Coinbase Prime is known for handling fund inflows and outflows while working on internal treasury operations.
Bitcoin (BTC) recovers $64,000, but fear remains
After a bloodbath in the cryptocurrency market, on Monday, Bitcoin (BTC) gave a sign of recovery as it reclaimed the $64,000 mark. At the time of writing this article, Bitcoin (BTC) is trading at a near level $64,113 with a rise of 3.81% in the last 24 hours, according to CoinMarketCap. BTC currently has a market cap of about $1.28 trillion. Daily trading volume rose to over $36.08 billion.
However, the Fear and Greed Index still shows that the cryptocurrency market is in a state of extreme fear.
After experiencing the longest series of outflows lasting 13 days Bitcoin ETFsBTC suffered a major collapse. In the last 30 days, Bitcoin dropped from $80,000 to $60,000. However, there is bad news that outflows into spot Bitcoin ETFs are still significant.
According to Farside, on June 5, Bitcoin ETFs recorded a massive outflow of $325 million.
From May 14 to June 3, investors withdrew approximately $4.4 billion from Bitcoin exchange-traded funds. BlackRock iShares Bitcoin Trust (IBIT) recorded its largest outflows ever, amounting to approximately 75% of total outflows. This streak was broken on June 4, when it recorded a small inflow of $3.2 million.
Bitwise Hyper-liquidity ETFs (BHYP) record first outflow
Bitwise on Friday recorded its first ever net sale of the HYPE token via the Bitwise Hyperliquid ETF (BHYP). according to SoSoValueBHYP ETF investors sold approximately $2.9 million of the token. This was the first time money had flowed from the fund after its launch on May 15. At the time of writing, the cumulative flow reached $87 million.
The overall cryptocurrency market is currently struggling to gain upward momentum. The ongoing war between The United States and IranRising inflation and the global energy crisis are creating selling pressure in the cryptocurrency market.
