2025-12-27 16:22:37

Retail investors are still lamenting Bitcoin falling below $88,000, while Wall Street giants have already planned their holiday schedules.

On Christmas Eve, most traders had already entered holiday mode, but a large transaction quietly appeared on the blockchain: BlackRock transferred 2,292 Bitcoins and 9,976 Ethereum to a major custody platform in one go, with a book value directly hitting $230 million.
The market immediately exploded. Is this a dump? Or is there a deeper meaning? Various speculations are flying around.
But it didn't take long for the mystery to be revealed — BlackRock quickly repurchased some of the positions. This isn't panic selling; it's clearly a carefully orchestrated liquidity maneuver. A global asset management giant managing $13 trillion in assets, every step is calculated precisely.

**The True Face of the Liquidity Game**

On the surface, it's just a simple transfer, but understanding the operation logic of spot ETFs is necessary to see through it. As the ETF issuer, BlackRock must handle the creation and redemption of fund shares through authorized participants (like a major custody platform). Want to redeem ETF shares? BlackRock gives the AP the corresponding Bitcoin and Ethereum in exchange for cash. Conversely, when new funds come in, the process reverses.

The special timing around Christmas Eve is because market liquidity was already very thin, with trading volume hitting rock bottom. BlackRock's move at this time not only allows for smooth and efficient position adjustments but also leverages tax-loss harvesting strategies to optimize its tax costs. Institutional players' decisions are always multi-targeted and interconnected.

BTC0,15%

ETH0,13%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
7
Repost
Share

Comment

0/400

TeaTimeTrader

· 13h ago

Retail investors are still crying, while big players are already calculating tax losses. That's the difference. BlackRock's approach is truly brilliant; what seems like a crash is actually dancing. We're playing chess, and they're playing mahjong.

View OriginalReply0

TopEscapeArtist

· 13h ago

We retail investors are still trembling at the 88,000 level, while institutions have already been playing liquidity arbitrage. Truly impressive... From a technical perspective, there are dangerous signals, and the MACD is almost crossing to a death cross.

View OriginalReply0

TerraNeverForget

· 13h ago

BlackRock's move is truly brilliant. Retail investors are still struggling with the drop below 88k, while they have already been engaging in liquidity arbitrage. I really can't understand this tax loss harvesting strategy.

View OriginalReply0

Whale_Whisperer

· 13h ago

When retail investors get chopped up, big institutions have already been playing four-dimensional chess. We're still here watching candlestick charts.

View OriginalReply0

PretendingSerious

· 13h ago

It's the same old trick from BlackRock. Retail investors are still there panicking, while they have already calculated every step. Basically, they're using our panic to exchange for their arbitrage opportunities.

View OriginalReply0

MoonlightGamer

· 13h ago

Unbelievable, retail investors are still struggling with the drop below 88k, while BlackRock has already been playing four-dimensional chess.

View OriginalReply0

MetaNeighbor

· 13h ago

Retail investors haven't even reacted yet, while big institutions have already changed the game rules. BlackRock's move this time is truly top-notch; they are playing the liquidity game with such finesse.

View OriginalReply0