BlackRock withdrew 1,789.65 BTC (~$119.17M) from Coinbase Prime to its IBIT ETF wallets, signaling continued institutional accumulation.
Macro & Markets ·
BlackRock transferred 1,789.65 BTC from Coinbase Prime to wallets associated with its IBIT spot Bitcoin ETF, a movement valued at approximately $119.17 million. The transaction adds to a pattern of institutional accumulation tracked on-chain.
The withdrawal from a major crypto exchange custody provider to self-managed ETF wallets reflects the mechanics of how large institutional Bitcoin holdings are managed. Rather than maintaining assets on an exchange, moving Bitcoin to dedicated wallets underscores direct control over the ETF's underlying reserves.
What remains unclear is whether this movement represents a discrete rebalancing event or part of a broader accumulation strategy, and whether similar transfers by other major Bitcoin ETF issuers are occurring in parallel.