BlackRock Transfers Over $200M in Bitcoin and Ethereum 

BlackRock has transferred 2,292 BTC and 9,976 ETH to Coinbase following the outflows observed by the Bitcoin and Ethereum ETFs yesterday.

BlackRock, an asset manager, has transferred millions of dollars in Bitcoin and Ethereum to the cryptocurrency exchange Coinbase, suggesting a potential sale of these coins. This comes as the on-chain analytics platform CryptoQuant warns that the bear market scenario is becoming increasingly relevant.

BlackRock transfers more than $200M in Bitcoin and Ethereum.

According to Arkham data, BlackRock asset management deposited 2,292 BTC and 9,976 ETH into Coinbase, totaling about $200 million and $29.23 million, respectively. This follows the outflows observed by the Bitcoin and Ethereum ETFs yesterday.

According to SoSo Value data, the BTC ETFs experienced a net daily outflow of $189 million on December 23, while BlackRock saw withdrawals of $157 million. Meanwhile, the ETH ETFs experienced daily net outflows of $96 million, with $25 million leaving BlackRock's ETHA fund.

This comes as the cryptocurrency market remains in a slump, with BTC and other digital assets struggling to break through critical barriers. Specifically, the flagship cryptocurrency is trading below $90,000 and has yet to break above it, despite a surge in other significant assets, including stocks and gold.

Bitcoin continues to suffer from selling pressure from BTC ETFs. As a result, analysts have warned that BTC could fall below $85,000, despite growing bear market concerns.

SoSo Value data shows that these BTC ETFs have had daily net outflows in seven of the last ten trading days. These funds have likewise experienced a net outflow of $629 million since the beginning of the month.

In a blog post, CryptoQuant analyst Woominkyu argued that the Bitcoin bear market is becoming more relevant. The report stated that the BTC Combined Market Index (BCMI)'s return to the 0.5 zone on October 21 was seen as a cooling phase rather than a cycle top.

However, since then, the BTC price has dropped significantly, and the BCMI has plunged alongside it. Woominkyu stated that this demonstrates not only that the market has cooled over time, but also that it has reset through price and on-chain momentum.

According to the analysis, major cycle bottoms in 2019 and 2023 occurred when the BCMI reached 0.25 and 0.35, respectively, indicating full sentiment compression and structural resets. At current levels, the Bitcoin Combined Market Index is below equilibrium but still much above historical lows.

However, from a data standpoint, the CryptoQuant research observed that this raises the potential that the market is entering a bear phase rather than simply experiencing a dip. If prior patterns repeat, a more persistent bottom may form only if BCMI returns to the levels seen in 2019-2023.

The danger of a Bitcoin bear market is increasing, as senior expert Peter Brant recently predicted 80% falls in each major cycle. As a result, BTC might still fall as low as $25,000.

Meanwhile, CryptoQuant indicated in its report that the bear market scenario should be considered. According to the analysis, the market is currently in a downward transition rather than a total reset.