BlackRock has transferred over $560 million worth of Bitcoin (5,362 BTC) to Coinbase Prime within two days, according to Onchain Lens. The moves included a large transfer of 4,113 BTC on June 2 and an additional 1,249 BTC on June 3. Most of these transfers were made in blocks of 300 BTC.
These movements coincide with significant withdrawals from BlackRock's iShares Bitcoin Trust (IBIT), which saw $430 million exit on May 30—the largest single-day outflow ever for the fund—followed by another $130 million on June 2. Alongside Bitcoin, BlackRock also withdrew approximately 27,241 ETH (about $69 million) from Coinbase wallets to addresses linked to its Ethereum ETF infrastructure.
Coinbase Prime is widely used for institutional trading, custody, and rebalancing, suggesting that the Bitcoin transfers could be related to repositioning rather than outright sales. No official statements from BlackRock indicate that they are exiting crypto investments.
Despite speculation about possible Bitcoin liquidations, on-chain data shows no confirmed sales. Bitcoin's price has remained relatively stable between $105,000 and $112,000 during this period, and market volatility did not spike significantly. Order book depth and trading volumes on spot markets also showed no major disruptions post-transfer.
This marks BlackRock's first visible rebalancing activity after several weeks of accumulation since launching its iShares Bitcoin Trust. The movement has sparked market chatter but did not trigger panic or sharp price changes. Overall, the transfers likely represent internal asset management activities rather than immediate selling pressure.