BlackRock-linked address deposits $168M in BTC to Coinbase

An address presumed to belong to BlackRock has deposited 2,494.6 BTC, worth approximately $168.39 million, to Coinbase, according to a report from Onchain Lens. Deposits to exchanges are generally interpreted as a precursor to selling. In this case, the transfer is likely part of the operational management of BlackRock's spot Bitcoin ETF, IBIT, to settle redemptions stemming from fund outflows. Onchain Lens added that further deposits are possible.