BlackRock Dumps $192M Bitcoin To Coinbase, What’s The Reason?
Highlights
- Blackrock transferred more than $192 million worth of Bitcoin today.
- The asset manager dumped this stash onto a Coinbase Prime wallet.
- It follows a gigantic single block sale transaction of IBIT recorded on Tuesday, May 26.
BlackRock on Tuesday transferred 2,538 Bitcoin valued at over $192 million to Coinbase Prime. The transfer was part of a swirl of trading activity around the asset manager’s spot Bitcoin ETF, IBIT, after a hefty institutional block trade around the fund.
BlackRock Moves Massive Bitcoin Stash To Coinbase
According to data from blockchain analytics firm Arkham Intelligence, the transfer was from a wallet address marked “BlackRock: Coinbase Prime” to another one linked to Coinbase Prime. The deal was made about 30 minutes before this screenshot was taken.
At the time of the transfer, the Bitcoin reserve’s was worth around $192.53 million. It signals portfolio movement owing to the heavy outflow from BlackRock’s IBIT ETF on Tuesday.
This movement came after an unusually big trading transaction of BlackRock’s iShares Bitcoin Trust ETF on the May 26. During trading, one block transaction of almost 29 million shares of IBIT was made, Bloomberg ETF analyst Eric Balchunas revealed.
The trading data shows there were 29,212,864 shares turned over at an average price of $43.16 per share at 10:30 a.m. This stash was sold for a total trade value of approximately $1.26 billion.
However, the market recently absorbed the sale and it didn’t materially impact the BlackRock ETF’s price, Balchunas said on X. Thus, the IBIT price only saw a slight downfall during the session.
BTC ETF Outflows In Spotlight
According to ETF flow data from Farside Investors, BlackRock’s IBIT reported $192.4 million of outflows May 26. The same table also revealed that there were $68.9 million outflows from the ETF on May 22. In addition, the BlackRock ETF saw $103.7 million outflows on May 21, per Farside Investors data.
- It was a challenging time for the entire U.S. spot Bitcoin ETF market too. The data in the image indicates that overall net outflows from any of the spot Bitcoin ETFs hit $333.6 million on May 26.
Fidelity’s FBTC saw $57.7 million in withdrawals, while Bitwise’s BITB saw $28.8 million in withdrawals on the same day. Another $41.3 million was taken out of Grayscale’s GBTC.
Despite the pullback, BlackRock’s IBIT has managed to stay the top spot Bitcoin ETF by the number of cumulative inflows. The fund’s data table in the image revealed that since its inception it has received total inflows of $64.58 billion. The average daily inflows into IBIT were $108.7 million, whereas the highest daily inflow ever was over $1.11 billion.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
