BlackRock Moves $429 Million in Bitcoin to Coinbase Prime, Breaking Buying Streak
BlackRock transferred 4,113 BTC, worth $429 million, to Coinbase Prime, signaling a potential shift in strategy after a month-long buying spree.
Published on 2025-06-02
Key Points
- BlackRock moved 4,113 BTC (valued at $429 million) to Coinbase Prime, breaking a buying streak that lasted over a month.
- The transfer was executed in exact 300 BTC chunks, suggesting a deliberate strategy rather than an accidental move.
- Coinbase Prime is typically used by institutions for selling or rebalancing, not merely for fund transfers.
Market Impact
- BlackRock’s iShares Bitcoin Trust (IBIT) experienced a $430 million outflow on May 30, its largest one-day drop to date.
- This outflow aligns closely with the Bitcoin transfer, indicating a coordinated strategy.
- Bitcoin’s price has dropped from $112,000 to $104,000 in recent days, drawing attention to BlackRock’s actions.
What’s Next
- BlackRock remains a major player, holding over 3% of all Bitcoin in circulation, suggesting no immediate exit.
- This move marks the first step toward selling in weeks, raising questions about whether it’s a short-term profit-taking move or a strategic shift.
- The direction of this transfer is not bullish, potentially signaling caution in the market.
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