BlackRock has transferred $287 million in Bitcoin to Coinbase amid significant outflows from Bitcoin ETFs. This move comes as Bitcoin's price stabilizes around $80,000 following a recent rally. The cryptocurrency has seen a 1.81% decline over the past 24 hours, trading at approximately $79,421. The Bitcoin ETF market experienced a $635 million outflow on the previous trading day, marking the largest single-day outflow of the week. This trend reflects a broader decline in institutional investor interest, with cumulative net inflows decreasing to $58.5 billion as of May 13. Market observers speculate that BlackRock's large Bitcoin deposit may signal a strategic repositioning, although the company has not disclosed specific reasons for the transaction.
BlackRock Transfers $287 Million in Bitcoin Amid ETF Outflows
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