Top Three News Stories Over the Past Day
Coinbase (NASDAQ:COIN) has been hit with a significant $429 million Bitcoin deposit from BlackRock (NYSE:BLK), marking the financial giant’s first move to sell in over a month of consistent buying. This development comes as Bitcoin’s price has declined from over $112,000 to around $104,000 in recent days.
Coinbase Hit with $429 Million Bitcoin Deposit from BlackRock
Yesterday, June 2, Lookonchain reported on its X account a 4,113 BTC deposit to Coinbase Prime made by BlackRock. The worth of the deposit is estimated at approximately $429 million. This is BlackRock’s first move to sell in more than a month of consistent buying. The transactions were large, with most of them carrying exact chunks of 300 BTC, suggesting that it was a planned move rather than an accident.
The destination is also notable, as Coinbase Prime is mainly used by institutions for selling or rebalancing, not just for moving funds around. BlackRock’s IBIT had been consistently buying in May, but on May 30, it experienced a major outflow of over $430 million. This lines up closely with the Bitcoin transfer in question, pointing to the timing being intentional.
The move has sparked interest among investors and market analysts, who are now pondering the implications of this sudden shift by BlackRock. The financial giant’s decision to sell off its holdings may be indicative of a broader trend in the market, where institutions are re-evaluating their investment strategies in light of changing market conditions.
Furthermore, the sheer size of the deposit has raised eyebrows among cryptocurrency enthusiasts and traders. With such a significant amount of Bitcoin being deposited into Coinbase Prime, it is likely that this will have a noticeable impact on the overall supply of Bitcoin available in the market. This, in turn, could lead to increased volatility and fluctuations in the price of Bitcoin.
BlackRock’s involvement in the cryptocurrency space has been a major topic of discussion among industry insiders and investors. The financial giant’s decision to invest in Bitcoin and other cryptocurrencies has been seen as a significant endorsement of the technology and its potential for long-term growth. However, the recent shift in BlackRock’s strategy may indicate that they are re-evaluating their stance on the market.
In addition to the $429 million deposit, Lookonchain also reported another 4,113 BTC being transferred from an unknown wallet to Coinbase Prime just hours after the initial transfer. This further reinforces the notion that this was a planned move by BlackRock to sell off its holdings in the cryptocurrency market.
Ripple Makes Massive Transfers as XRP Celebrates 13th Birthday
According to data provided by Whale Alert blockchain tracker, on Sunday, June 1, 330 million XRP tokens were transferred from an unknown wallet to Ripple. The transfer followed by 670 million XRP locked in escrow, which typically happens on the first day of the month. These are the tokens from Ripple’s own XRP holdings, and the automatic release of one billion tokens is expected later this week.
Additionally, Ripple transferred 130 million XRP to unknown wallets in three separate transactions. These movements coincided with XRP’s 13th anniversary; on June 2, 2012, Ripple cofounder Arthur Britto submitted lines of code that created 100 billion XRP tokens. Currently, XRP is the fourth-largest cryptocurrency, with a $131 billion market cap.
Following Ripple’s victory over the SEC, XRP saw a significant surge in the fourth quarter, solidifying its position among the top 10 cryptocurrencies. The recent transfer of massive amounts of XRP to Ripple has sparked interest among investors and market analysts, who are now pondering the implications of this sudden shift in Ripple’s strategy.
The move may be indicative of Ripple’s intention to increase liquidity in the market, which could have a positive impact on the overall price of XRP. However, it is also possible that this transfer was simply a routine maintenance task carried out by Ripple to rebalance its own holdings.
Ripple’s decision to make such large transfers may also be seen as a sign of confidence in the long-term prospects of XRP. With the automatic release of one billion tokens expected later this week, investors are eagerly anticipating the potential impact on the market.
Saylor’s Strategy Makes New Bitcoin Buy, Now Holding 580,955 BTC
As announced by Michael Saylor on X, yesterday, Strategy added another 705 BTC worth around $75.1 million to its holdings. At the moment, the company owns a total of 580,955 Bitcoins valued at over $60 billion at current prices.
According to Saylor, the total cost of Strategy’s entire Bitcoin holdings is approximately $40.68 billion, with an average price of $70,023 per Bitcoin. Strategy has been consistently making near-weekly Bitcoin purchases, with its founder hinting at an upcoming acquisition the day before on social media.
This time, on June 1, Saylor wrote in his X post that orange was his "preferred color," publishing a chart showing his company’s BTC purchases in orange dots. As of now, according to Saylor’s post, Strategy has gained a Bitcoin yield of 16.9% YTD in 2025.
Saylor’s strategy of buying and holding large quantities of Bitcoin has been hailed as a pioneering move in the industry. By consistently accumulating more Bitcoins, Strategy is not only diversifying its portfolio but also demonstrating confidence in the long-term prospects of the cryptocurrency.
The recent addition of 705 BTC to Strategy’s holdings brings the company’s total Bitcoin stash to an impressive 580,955. This significant increase in holdings has sparked interest among investors and market analysts, who are now pondering the implications of this sudden shift in Strategy’s strategy.
In conclusion, these top three news stories over the past day highlight the ongoing developments in the cryptocurrency market. From BlackRock’s surprise decision to sell off its Bitcoin holdings to Ripple’s massive transfers and Saylor’s Strategy making new Bitcoin buys, it is clear that there are significant trends at play that will shape the future of this rapidly evolving industry.