BlackRock Pulls $255M in Bitcoin as Funding Rates Stay Negative
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BlackRock withdrew 3,446 BTC (~$255.2M) from Coinbase into IBIT custody, moving funds off CEX wallets and signaling institutional accumulation and reduced on-exchange supply. The firm also bought >$500M in BTC over 48 hours as iShares ETF holdings rebounded by ~$11B since February, pointing to renewed ETF inflows and crypto adoption by institutions. Bitcoin funding rates have stayed negative for 46 days, a rare derivatives signal last seen at the FTX bottom that can mark market bottoms and affects leverage/liquidity risk.
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- BlackRock withdrew $255M in BTC from Coinbase into IBIT wallets over the past day.
- It also bought over $500M in BTC in 48 hours as ETF holdings rebounded $11B from February.
- Bitcoin funding rates stayed negative for 46 days, a rare signal last seen at the FTX bottom.
Bitcoin is holding firm above key levels as fresh institutional accumulation from BlackRock coincides with a rare derivatives signal that has historically marked market bottoms.
BlackRock Moves $255M BTC Off Exchanges
On-chain data flagged by Onchain Lens shows BlackRock withdrawing 3,446 BTC worth $255.2 million from Coinbase. The transactions, mostly in batches of ~300 BTC, were routed directly into wallets labeled for the iShares Bitcoin ETF (IBIT).
Since Coinbase Custody serves as the official custodian for IBIT, transfers from exchange hot wallets into ETF wallets signal one thing clearly: a…
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