The day before yesterday, the global asset management giant BlackRock made a major move—transferring a total of 1,044 Bitcoins and 7,557 Ethereum to trading platforms, worth over 110 million RMB. It’s important to note that this is not a sudden whim; according to on-chain data tracking, BlackRock has been actively managing these assets throughout the end of the year, transferring 2,292 Bitcoins and nearly 10,000 Ethereum on December 24th alone.

What do these actions really mean? Industry experts generally believe they are related to the rebalancing of their spot Bitcoin ETF and Ethereum ETF, which is a routine liquidity management activity. However, this hasn’t prevented the market from overreacting—while Bitcoin’s price remains stable around $87,400 with little movement, global trading volume has surged over 130% in a short period, showing investors’ heightened sensitivity to institutional actions.

The most interesting point is that the net outflow of US spot Bitcoin ETFs has recently appeared, with BlackRock’s IBIT also contributing. Is this just routine year-end rebalancing, or does it hint at something bigger? The market is waiting for an answer.

Anyway, every step taken by institutions like BlackRock influences the entire ecosystem—affecting confidence, mobilizing liquidity, and impacting prices. Bitcoin’s performance this year has been underwhelming, down about 5% from the beginning of the year, far from expectations. The subsequent actions of these institutions are definitely worth watching.