BlackRock's $271M Crypto Transfer Sparks Bearish Fears for Bitcoin

Bitcoin has been in bearish territory after rebounding to $65k. The price dropped by 2.8% on the daily charts, reaching a weekly low of $63,059 before bouncing back slightly.

The decline was largely driven by a shift in sentiment among institutional investors, led by BlackRock's move of over $271 million worth of crypto to Coinbase Prime.

Historically, when BlackRock moves tokens to exchanges, they are later sold. This time is no exception, with Bitcoin spot ETFs closing with net outflows three times, totaling $476 million in net outflows.

The absence of institutional capital has been a major factor in Bitcoin's prolonged market weakness. Momentum indicators confirm this bearish market flip, with the Bitcoin Cycle Swing Momentum (CSI) and ALMA indicators both pointing to strong downward pressure.