BlackRock Moves $450M in Bitcoin to Coinbase Prime as Markets Whipsaw

BlackRock transferred 5,847 Bitcoin—worth about $450 million—to Coinbase Prime on Tuesday, according to on-chain transaction data. The movement was broken into 20 separate transfers, drawing swift attention from traders and analysts who track institutional wallets as Bitcoin prices remain volatile. Bitcoin dipped to roughly $76,000 on Monday before rebounding to near $77,000 at the time of reporting, CoinGecko data showed. Coinbase Prime serves as the institutional custody and trading platform BlackRock uses to manage the Bitcoin held for its iShares Bitcoin Trust (IBIT). A transfer to Coinbase Prime does not automatically indicate an imminent open-market sale. Such movements can also reflect upcoming ETF redemptions, portfolio rebalancing, or routine operational activity for a fund that has grown to nearly $63 billion in assets. Survey data from mid-2025 found about 68% of professional investors had either already allocated to Bitcoin or planned to gain exposure specifically through exchange-traded products. IBIT launched in January 2024 after the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs, and within roughly two years it became one of the largest digital-asset ETF offerings. Separately, data from Santiment shows continued accumulation by large holders. The number of wallets holding at least 100 BTC rose to 20,229, up about 11% from 18,191 a year earlier. At current prices, 100 BTC is valued at around $7.7 million; wallets of this size are typically associated with whales, institutions, and high-net-worth long-term investors. Despite sharp price swings over the past year, the count of these large wallets kept climbing—often viewed as a longer-term constructive signal tied to confidence in Bitcoin's future value and the asset's limited supply. The trend persisted even as retail sentiment softened, suggesting big holders continued to add exposure amid ongoing uncertainty.