In today’s crypto news, BlackRock has transferred another massive batch of Bitcoin to Coinbase Prime.
According to on-chain data shared by Lookonchain, BlackRock-linked wallets moved 6,164 BTC worth approximately $425 million to Coinbase Prime within the last three hours. The sale has further fuelled concerns about institutional selling pressure amid one of the market’s weakest periods in recent months.
BlackRock Sends Another Massive BTC Batch to Coinbase Prime
Arkham Intelligence data shows the transfers included multiple Bitcoin transactions originating from IBIT and BlackRock’s Coinbase custody wallets. The largest movement saw 4,200 BTC worth approximately $291.3 million leave for the exchange. Additional transfers included 1,064 BTC valued at roughly $73.7 million, several 300 BTC transactions worth about $20.8 million each, and another 164 BTC transfer valued near $11.4 million.
The destination was Coinbase Prime, which serves as BlackRock’s institutional custody and settlement partner for its Bitcoin ETF operations. While such transfers do not automatically translate to Bitcoin sales, they place assets closer to market liquidity and often attract significant attention from traders.
The latest movement also follows BlackRock’s transfer last week of 7,048 BTC worth approximately $517 million. Combined, the two transactions represent roughly 13,212 BTC worth about $942 million. The duo forms BlackRock’s largest Bitcoin movement waves since spot Bitcoin ETFs launched in the United States.
Bitcoin Under Pressure as ETFs Bleed And Sentiment Declines
The timing of the transfers has amplified market concerns because Bitcoin ETFs have already been experiencing significant outflows. The sector has now suffered several consecutive weeks of net outflows as institutional investors reduce exposure to risk assets.
Spot Bitcoin ETFs have collectively lost more than $4.3 billion over the past three weeks. Meanwhile, BlackRock’s IBIT fund has been hit the hardest, losing as much as $527.8 million in a single day on May 27.
The transfers also arrived as Bitcoin faced renewed bearish pressure. The cryptocurrency recently fell below $69,000 after news of Strategy’s BTC sale broke yesterday. At the time of writing, the asset was trading at $67,500. Renewed geopolitical tensions between Iran and the U.S. also intensified the breakdown.
Why Traders Are Watching BlackRock More Closely Than Ever
BlackRock’s Bitcoin activity carries unusual significance because of the asset manager’s status as one of the largest institutional holders of Bitcoin globally. Through IBIT, BlackRock controls more than 800,000 BTC. Thus, the firm’s IBIT fund is one of the strongest sources of Bitcoin demand since spot ETFs launched. The fund absorbed a fair bit of supply while retail traders offloaded their holdings during periods of uncertainty.
As a result, market participants often interpret BlackRock’s activity as a reflection of broader institutional sentiment. Strong inflows into IBIT are frequently viewed as bullish signals. Conversely, large transfers out of ETF-associated wallets tend to generate concern.
That is why the latest movements have attracted so much attention. Many traders are beginning to question whether institutional demand is weakening at a critical moment for the market. Nevertheless, investors will be closely monitoring upcoming ETF flow data and any additional BlackRock wallet activity.
Temitope Olajide
