In a significant move for the Bitcoin investment landscape, BlackRock secured a substantial amount of bitcoins from Coinbase Prime, even as U.S. spot Bitcoin ETFs experienced remarkable inflows. The fresh capital influx of approximately $507 million on February 25 marks the strongest single-day influx in the past two weeks, out of which the iShares Bitcoin Trust (IBIT), managed by BlackRock, commanded around $297 million.
While this activity suggests robust institutional interest, the price of Bitcoin showed a mild decline due to profit-taking, indicating resistance from sellers at key levels despite the surge in ETF demand. BlackRock’s acquisition involved multiple transfers totaling over 300 BTC each, alongside a significant 108.6 BTC transaction, all directed to IBIT wallets from Coinbase Prime on February 26 around 5:45 PM UTC.
These strategic purchases by BlackRock sit alongside broader ETF trends where Fidelity’s Bitcoin ETF and others have also seen inflows, signaling growing institutional confidence in Bitcoin. Notably, the movements occurred as the market continued to encounter sell pressure at higher resistance levels, which was evident from on-chain metrics.
