Bitcoin rebounded from $62,000 and climbed to $66,900, but its upward momentum weakened again.
BTC faced rejection near $66,000 and recorded lower closes for two consecutive days. It also fell to $65,500. At press time, Bitcoin traded at $65,602, following a 1.15% daily decline.
Despite this weakness, Bitcoin linked to BlackRock’s exchange-traded fund returned to its identified wallet.
Is BlackRock accumulating Bitcoin again?
Major institutional investors had largely remained cautious during Bitcoin’s [BTC] extended weakness. Some also reduced their exposure, adding pressure to the market. However, recent wallet activity indicated renewed demand linked to BlackRock’s iShares Bitcoin Trust.
According to Onchain Lens, an IBIT-linked wallet received 2,469.25 BTC from Coinbase Prime. The transfer was valued at $163.1 million.
Two days earlier, the same wallet received 1,789.85 BTC worth $119 million.
Together, the transfers totalled 4,259.10 BTC worth approximately $282.1 million.
However, these movements should not automatically be treated as direct BlackRock purchases. They may reflect ETF creation, redemption or settlement activity. That wallet activity coincided with improving U.S. Spot Bitcoin ETF flows.
Over the past week, Spot Bitcoin ETFs recorded positive Net Inflows. Five funds attracted capital, with BlackRock’s IBIT receiving $38 million.
Consequently, the funds’ combined Net Assets rebounded to $80.36 billion, indicating renewed capital exposure through regulated products.
Why does Bitcoin remain weak?
Despite positive ETF flows, broader U.S. institutional demand remained subdued.
The Coinbase Premium Index stayed negative from early May, extending its decline for nearly two months.
A negative premium indicated weaker buying pressure on Coinbase than on offshore exchanges. However, it did not prove that all institutions were selling. Even so, Bitcoin’s price momentum continued to fade.
The Chande Momentum Oscillator dropped from 51 to 13, confirming that bullish momentum had weakened.
The indicator remained above zero, suggesting slowing momentum rather than a confirmed bearish reversal.
If these conditions persist, Bitcoin could consolidate between $64,000 and $66,000. However, stronger ETF demand could help BTC reclaim $66,000 and reopen a possible move towards $70,000.
Final Summary
- An IBIT-linked wallet received 2,469.25 BTC, bringing two recent transfers to approximately $282.1 million.
- Bitcoin remained below $66,000 as the Coinbase Premium Index and momentum indicators reflected weak U.S. demand.
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