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BlackRock Moves Over $560M in Bitcoin to Coinbase Prime Amid Market Rebalancing

BlackRock transfers $560M in Bitcoin to Coinbase Prime as major outflows hit its Bitcoin ETF, signaling potential market rebalancing and investor activity.
Published on 2025-06-03

BlackRock's Bitcoin Transfer to Coinbase Prime

BlackRock, the global investment giant, has transferred over $560 million in Bitcoin (BTC) to Coinbase Prime in just two days. According to Onchain Lens, 4,113 BTC were moved on Monday, followed by an additional 1,249 BTC the next day. This totals 5,362 BTC, valued at approximately $560.9 million. The transfers were made in blocks of 300 BTC, primarily to Coinbase Prime, a platform predominantly used for institutional trading and custody.

Timing Aligns with ETF Withdrawals

The transfers coincide with significant outflows from BlackRock’s iShares Bitcoin Trust (IBIT). On May 30, $430 million was withdrawn, the largest single-day outflow in the ETF's history. Another $130 million followed on June 2. Overall, U.S. spot Bitcoin ETFs saw over $250 million in outflows on that day. These redemptions likely reflect investor reactions to Bitcoin's price decline from highs above $112,000 to around $105,000 this week.

Ethereum Transfers and Market Implications

In addition to Bitcoin, BlackRock also moved 27,241 ETH (approximately $69 million) from Coinbase wallets to addresses linked to its Ethereum ETF infrastructure. While BlackRock has not commented on these moves, they mark a shift from steady accumulation to visible rebalancing. Given the size of BlackRock's holdings, such moves can have notable market implications, even if they are routine.

This activity highlights the dynamic nature of institutional investment in cryptocurrencies, as investors adjust their strategies in response to market conditions.

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