BlackRock transferred approximately 7,432 Bitcoin to Coinbase Prime. The transaction carries an estimated value of $446 million. This movement facilitates redemption activity for the iShares Bitcoin Trust (IBIT).
The transfer contributed to Bitcoin’s price dropping below $60,000. Increased supply pressure in a declining market drove the recent price dip. IBIT is now experiencing significant institutional outflows after months of consistent growth.
The redemptions reflect a broader trend of sustained outflows from U.S. spot Bitcoin ETFs over the past week. Large investors are adopting a more cautious or bearish stance toward the cryptocurrency. BlackRock moved the assets for settlement purposes rather than immediate market sale.