There are always people in the market who think they understand the on-chain actions of institutions clearly, but actually interpret them incorrectly. Yesterday, an anxious investor asked me: BlackRock has poured another $230 million into Bitcoin and Ethereum exchanges. Are they planning to run away? Should I cut my losses?

I told him the truth—don't just look at the candlestick charts on the surface; you need to understand the underlying logic.

On Christmas Day, news broke that BlackRock transferred $230 million to a certain compliant platform's Prime service, causing a stir in the market. On the surface, it's big news, but in reality? This is just the daily operation of institutions managing ETFs.

**Why does everyone misunderstand this?**

A common misconception: seeing a large transfer into an exchange and shouting "selling is coming," seeing withdrawals and saying "holding coins." This logic can still fool people in 2024, but by 2025, it's already outdated.

That $230 million transfer by BlackRock is actually part of the daily settlement for Bitcoin ETF (IBIT) and Ethereum ETF (ETHA). When retail investors redeem ETF shares, market makers need to convert those shares into real coins and transfer them to exchanges to settle. The entire process usually takes a day to complete.

In other words, what we see in this transfer reflects the previous day's market redemptions, not a new sign of selling. Institutions operate this way repeatedly, and your anxiety actually becomes an opportunity for them.