Bitcoin rose above $92,000 as BlackRock ETF moved $300 million to Coinbase Prime

Core Insights - Bitcoin (BTC) has surpassed $92,000, driven by significant ETF-related transactions involving BlackRock, which transferred approximately $300 million worth of BTC and ether (ETH) to Coinbase Prime [1][2][3] Group 1: Market Movements - On-chain trackers identified transfers of about 3,290 BTC (approximately $298 million) and 5,692 ETH (around $18 million) to Coinbase Prime, indicating potential rebalancing or redemptions related to ETF shares [2] - Bitcoin's price has been fluctuating, recently trading around $91,830, with traders monitoring its ability to reach last week's highs near $95,000 as U.S. liquidity returns [3][4] Group 2: ETF Influence - ETF flows are crucial for market dynamics, especially after a period of tax-related selling and year-end adjustments that impacted crypto prices in late December [4] - BlackRock's iShares Bitcoin Trust (IBIT) is the largest BTC holder among asset managers, with approximately 773,898 BTC, indicating strong institutional interest since its launch in early 2024 [5] Group 3: Ether Holdings - BlackRock also holds a significant position in ether through its iShares Ethereum Trust (ETHA), which reported total net assets of about $10.8 billion, representing nearly 2.9% of ether's circulating supply [6]