On-chain data shows that BlackRock recently transferred 2,156 BTC to a compliant platform, which is worth approximately $186 million at current prices.

As the world's largest asset management company, BlackRock's every large transaction attracts market attention. Such substantial transfers usually have a few possibilities: institutional rebalancing, preparation for over-the-counter trading, or liquidity management. However, the specific intent will depend on subsequent actions; it's difficult to determine whether it's a signal for increasing or decreasing holdings based solely on the transfer itself.

It is worth noting that after traditional financial giants entered the cryptocurrency market, large on-chain transfers have become the norm. For retail investors, tracking the movements of these whale addresses can help capture some changes in market sentiment.