BlackRock's IBIT Bitcoin ETF accumulated 7.32K BTC (~$478.5M) this week via Coinbase Prime withdrawals.
Macro & Markets ·
BlackRock's IBIT Bitcoin ETF accumulated approximately 7.32K BTC valued near $478.5M over the course of a week, according to withdrawal activity tracked on-chain. The fund pulled 1.84K BTC worth roughly $118.9M from Coinbase Prime in a single day as part of this broader accumulation pattern.
The withdrawals represent movement of Bitcoin from a major custody provider to IBIT's own holdings, reflecting continued inflows into the spot Bitcoin ETF product. Such transfers to self-custody typically signal confidence in holding positions rather than near-term disposition.
What remains unclear is whether this pace of accumulation will persist, what portion reflects new investor inflows versus reallocation within BlackRock's broader crypto strategy, and how it compares to competing spot Bitcoin ETF products over the same period.