BlackRock moved $213 million in Bitcoin (2,042 BTC) to Coinbase this November 4th. This massive transfer has set off alarms in the market. It renews fears of Bitcoin drop sub-$100K as the price hovers around $103,525. The information regarding the institutional move was highlighted by the on-chain tracker Whale Insider.
BlackRock’s move was not limited to Bitcoin. It also included 22,681 ETH, valued at $80 million, transferred to the same exchange. Historically, large transfers from fund managers to exchanges precede strategic rebalancing or profit-taking. Both actions can put downward pressure on the price. Analyst Kyle Doops commented on X that the last time the firm did this, the market dipped shortly after.
The timing of the transfer is critical, as Bitcoin was already showing weakness. The price is revisiting levels not seen since June. Furthermore, analyst Daan Crypto Trades noted that this action adds to existing selling pressure. There have been persistent outflows from spot Bitcoin and Ethereum ETFs for four consecutive sessions. This situation is compounded by sales from “OG” whales (early investors) in recent weeks.
Is this market fatigue a healthy correction or the start of something worse?
Market anxiety is mitigated by some expert interpretations. Eric Balchunas, senior ETF analyst, links Bitcoin’s weakness to broader risk-market fatigue. Balchunas suggests a pullback is healthy and even expected. He describes it as a natural “back step” in the ETF market’s development after months of advances. However, the $100,000 psychological support is the key line. Bitcoin’s thin support line at $100,000 is being watched closely by all analysts.
Although ETF outflows can be lagging indicators, they sometimes signal local bottoms. Daan Crypto Trades suggests that if the price refuses to drop lower despite heavy outflows, it could indicate a bottom. For now, the sector is watching if buyers can defend the $100,000 zone. BlackRock’s move raises doubts about institutional rotation in the digital economy. The coming days will be crucial in determining if this is a local bottom or the prelude to a deeper correction.
