Blockbuster Bitcoin Move: $561M Flows into Coinbase from BlackRock, Sparking Industry Curiosity

BlackRock Shifts $560 Million in Bitcoin Amidst Market Shifts

According to data from Onchain Lens, BlackRock has transferred over $560 million worth of Bitcoin to Coinbase Prime in just two days. On Monday, the firm moved 4,113 BTC, followed by an additional 1,249 BTC on Tuesday, totaling 5,362 BTC (approximately $560.9 million).

The timing of these transfers coincides with a significant withdrawal from BlackRock's iShares Bitcoin Trust (IBIT). On May 30, the fund saw a record single-day outflow of $430 million, followed by another $130 million on June 2. In total, over a quarter-billion dollars left U.S. spot Bitcoin ETFs that day.

Alongside the Bitcoin transfers, BlackRock also withdrew 27,241 ETH (around $69 million) from Coinbase wallets, transferring the funds to addresses connected to its Ethereum ETF infrastructure.

While BlackRock has not provided any official comments, the market context suggests that investors may be locking in profits or reacting to the recent price pullback in Bitcoin, which has slid from highs above $112,000 to around $105,000 this week. The large-scale movements by BlackRock are likely a result of routine portfolio rebalancing, but their significant holdings mean that even routine moves can have an impact on the broader crypto market.