BlackRock's iShares Bitcoin Trust conducted multiple large-scale Bitcoin transfers between Coinbase accounts this week, with on-chain data showing 6,647 BTC worth approximately $638 million moved from Coinbase Prime custody over an eight-hour period January 15-16.
The movements come as BlackRock's IBIT bucked broader market trends Friday, posting $15 million in net inflows while competing Bitcoin exchange-traded funds recorded $394 million in total outflows, according to SoSoValue data.
Analysts noted the transfers represent standard custody operations between Coinbase's institutional platform and the ETF's cold storage infrastructure rather than liquidation activity, though the timing amid Bitcoin's pullback from recent highs near $98,000 prompted speculation on social media.
Operational Movements vs Market Impact
Blockchain intelligence firm Onchain Lens tracked BlackRock withdrawing total 9,346 BTC valued at approximately $900 million over a two-day period alongside 4,179 ETH worth $13.76 million from the exchange.
Industry observers typically interpret withdrawals from exchanges as bullish signals indicating long-term holding intentions, contrasting with deposits to exchanges which can precede sales to meet redemption requests.
BlackRock separately made deposits to Coinbase earlier in January coinciding with ETF outflow periods, including $294 million in combined Bitcoin and Ethereum transfers January 9 when IBIT experienced $193 million in daily redemptions.
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Holdings Growth Despite Volatility
The asset manager's total Bitcoin holdings through IBIT now stand at approximately 781,000 BTC, representing nearly 4% of Bitcoin's circulating supply, with recent additions including the 6,647 BTC purchase alongside the withdrawal activity.
Bitcoin traded near $95,000 Saturday after failing to sustain momentum above $97,000 earlier in the week, with the cryptocurrency down roughly 1% over 24 hours amid broader market uncertainty.
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