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BlackRock moved $262M in Bitcoin to Coinbase, sparking selling concerns but may reflect prior redemptions.

Market News
23 Oct 2026
24/7 Wall Street
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Neutral
BlackRock moved $262M in Bitcoin to Coinbase, sparking selling concerns but may reflect prior redemptions.

BlackRock transferred 3,215 BTC worth $262.4 million to Coinbase Prime on October 23, 2026, along with 38,882 ETH valued at $93.2 million. This move corresponds closely to $254.1 million in outflows from BlackRock's iShares Bitcoin Trust reported on October 22, suggesting the transfer records past redemptions rather than new selling. Despite these large transfers, Bitcoin's price remained stable, indicating no immediate surge in selling pressure. Investors should watch for further outflows or price drops below $81,429 to confirm a potential sell-off trend.

BlackRock shares are down 1.75% at USD 1,117.35, with 84% of Pluang orders selling as of Oct 23, 2026 23:31 WIB. Meanwhile, iShares Bitcoin Trust is slightly up 0.20% at USD 46.15, with 90% of Pluang users buying the asset at that time.

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