- IBIT moved 4,113 BTC to Coinbase Prime, marking its first large transfer in over a month.
- Ten structured BTC transfers totaled over $313M, signaling internal ETF rebalancing activity.
- Coinbase Prime use highlights BlackRock’s commitment to regulated ETF custodial standards.
BlackRock’s iShares Bitcoin Trust (IBIT) made a notable on-chain transfer Sunday, moving 4,113 BTC, valued at approximately $429.4 million, to Coinbase Prime. The activity marks the first large-scale Bitcoin movement from the fund in over a month and reflects operational maneuvers possibly tied to ETF issuance, redemptions, or custodial reallocation. The transfers come amid rising ETF activity and increased institutional engagement with digital assets.
On-chain data revealed that the majority of the recent BTC outflows were executed in a uniform manner, with multiple individual transfers of 300 BTC each. These transactions, valued at roughly $31.32 million apiece, were completed in a span of just two hours.Â
A single exception to this pattern was a transaction of 212.687 BTC, worth approximately $22.21 million. All transactions were directed from wallets associated with IBIT to designated Coinbase Prime Deposit addresses.
The rapid and structured nature of these transfers indicates internal coordination, likely in preparation for share issuance or redemption events. The use of Coinbase Prime, a regulated custodian, further suggests that the activity is aligned with compliance standards required for ETF asset handling.
Earlier Transactions Resurface in On-Chain Records
Two prior transactions, dating back over a month, were also visible in the latest on-chain data. One involved the movement of 106.473 BTC, while another sent 1,190 BTC, valued at over $112 million, to a Coinbase Pro hot wallet. These earlier transfers appear separate from the current batch but may represent previous rebalancing efforts or liquidity events linked to fund operations.
Unlike the most recent coordinated group of transfers, these older movements were isolated and of different sizes, possibly reflecting specific responses to market dynamics or investor-driven activity within the fund.
Total Value of Visible Transfers Surpasses $313 Million
The ten transactions, excluding fractional entries, amount to more than $313 million in recent Bitcoin transfers from IBIT reserves. This total shows the scale of activity and the level of asset rotation taking place behind the scenes in one of the largest U.S.-based Bitcoin funds.
No official announcement from BlackRock has shared the purpose of these transactions. However, the filings from these groups happen at a time when ETF developments have been active in the United States such as launching ETFs that let users stake cryptocurrencies and big firms stepping up their actions in digital assets.
Using Coinbase Prime Deposit wallets for ETF-linked Bitcoin adds stability via regulation to the fund. There hasn’t been another transaction after the last one which suggests the batch finished an internal adjustment.
