BlackRock wallet transfers to a certain compliant platform: Is it a sell-off or a normal redemption?

Source: CritpoTendencia Original Title: BlackRock Wallets Send Funds to Coinbase Prime, Dumping or Reimbursements? Original Link: On Thursday trading hours, multiple wallets related to the BlackRock ETF transferred BTC and ETH to a certain compliant platform, sparking concerns in the market about the possibility of significant liquidation by this asset management company.

However, there is strong reason to believe these transfers are unrelated to direct asset sales.

Typically, transfers to exchanges are interpreted as signals of selling intent. But these operations could also be for custodial management needs, fund rotation, or security measures. The third possibility (currently the most weighted) is that these transfers correspond to investor-initiated redemptions.

According to Farside Investors, on Wednesday, BlackRock’s IBIT fund (which provides BTC spot price exposure) recorded a net outflow of $356.6 million. Meanwhile, the firm’s ETH-focused ETHA fund experienced redemptions of $92.3 million. Overall, the net outflow across both products reached $448.9 million.

These operations are consistent with the transfer of BTC and ETH from BlackRock wallets to a certain compliant platform. Specifically, 3,070 BTC and 52,780 ETH were transferred. Based on market prices, the amount received roughly matches the reported outflows.

From a practical perspective, this reinforces the interpretation that these are normal redemptions resulting from ETF daily operations.

BlackRock Wallets Did Not Sell

Considering that addresses tracked by Arkham related to BlackRock show no signs of selling, market tension should ease. Part of this distrust stems from accusations previously raised by high-profile figures like Robert Kiyosaki.

Last year, Kiyosaki claimed that BlackRock was intentionally selling to suppress prices, making it easier for large investors to buy at lower levels.

These claims spread widely on social media, triggering repeated speculation and FUD events. However, so far, there is no concrete evidence that BlackRock or other ETF issuers are engaged in market manipulation.

Current data, combined with the consistency between on-chain transfers and fund outflows, seems to disprove this narrative. This is explained by the ETF mechanisms themselves: in products like IBIT and ETHA, BlackRock mainly acts as custodian and operational manager, executing buy and sell orders based on investor instructions.

Furthermore, these companies’ revenue structures are based on management fees, which tend to grow as asset prices increase. From this perspective, BlackRock has no clear economic incentive to liquidate positions on its own.

In this context, recent transfers from its wallets can be interpreted as operations consistent with business activities and client decisions.