BlackRock has now moved over $560 million of Bitcoin into Coinbase Prime in just two days, according to Onchain Lens. On Monday, 4,113 BTC were transferred to Coinbase accounts linked to the firm. Today, another 1,249 BTC followed. Based on data from Onchain Lens, a total of 5,362 BTC — currently worth around $560.9 million — has been transferred since the start of the week. Most of it arrived in blocks of 300 BTC.
It all went to Coinbase Prime, a platform used almost exclusively for institutional trading and custody, often when assets are about to be sold, rebalanced or moved into new structures.
That is important because the timing lines up with a major withdrawal from BlackRock’s iShares Bitcoin Trust (IBIT). On May 30, a whopping $430 million, left the ETF, which was the most money taken out in a single day that the fund has ever seen. Another $130 million left on June 2.
Altogether, over a quarter-billion dollars left U.S. spot Bitcoin ETFs that day. The reasons are not confirmed, but the context is clear enough — Bitcoin has cooled off, sliding from highs above $112,000 to about $105,000 this week.
Investors are doing all sorts of things with their investments, like locking in profits or reacting to the price pullback. Either way, the redemptions force ETF managers to unwind their positions. That is probably what happened here.
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Along with the Bitcoin transfers, BlackRock also took out 27,241 ETH about $69 million from Coinbase wallets and sent the money to addresses connected to its Ethereum ETF infrastructure.
BlackRock has not made any official comments, and there is nothing to suggest that they are getting out of the crypto business. But this is the first time in weeks that they have gone from steady accumulation to visible rebalancing, and with the size of their holdings, even routine moves tend to have an impact on the market.