BlackRock transferred approximately $482.66 million in Bitcoin and Ethereum to Coinbase Prime on November 9. Onchain Lens reported the movements in an X post, identifying 5,320 BTC worth $396.49 million and 40,715.19 ETH valued at $86.17 million.
The six transfers included four Bitcoin transactions and two Ethereum movements. The largest involved 2,100 BTC worth approximately $156.29 million.
Bitcoin ETFs Record Heavy Withdrawals
US spot Bitcoin ETFs recorded $1.28 billion in net outflows between November 2 and 6, their largest weekly withdrawals since late June. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for nearly $1.21 billion.
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IBIT also recorded six consecutive sessions of outflows through November 6, including $403 million in withdrawals on Friday.
Bitcoin Price Remains Under Pressure
Bitcoin traded at approximately $74,819 on November 9, down 1.1% over 24 hours. Its price ranged between $73,709 and $75,881, leaving its market capitalization at approximately $1.505 trillion.
Meanwhile, BlackRock filed with the SEC on October 19 to register the iShares Bitcoin Managed Protection ETF under the proposed ticker PBIT.
The proposed fund would use options tied to IBIT, alongside cash and short-term bonds. The strategy aims to limit losses during market declines while capping some potential gains.
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