BlackRock transferred a large amount of Bitcoin to a certain compliant platform, causing the market to once again fall into a swirl of selling concerns. Meanwhile, Bitcoin's price is still struggling to stay above the $90,000 mark.

How significant is BlackRock's move? According to on-chain data tracking, this asset management giant deposited 2,201 Bitcoins into the platform at once, worth up to $192.13 million. Against the backdrop of increasing selling pressure, this transfer clearly heightens the risk of Bitcoin further declining.

Even more concerning, Bitcoin ETFs under BlackRock experienced outflows on December 26, with the total net outflow reaching $275.88 million. You might ask—what does this mean? It indicates that these ETF funds have been bleeding for seven consecutive days. The 6,174.39 Bitcoins deposited by BlackRock last week were likely intended to cash out these holdings and redeem fund shares. It is precisely because of such capital outflows that Bitcoin has been stuck below $90,000 and unable to break higher.

Interestingly, Bitcoin briefly broke above $90,000 on December 28, but the next day, upon receiving transfer signals, the price plummeted and gave back all the gains. And it’s not just BlackRock selling off—yesterday, an exchange, Wintermute, a certain compliant platform, and Fidelity jointly sold a large amount of Bitcoin, totaling $3.5 billion in value, creating enormous short-term market pressure.