BlackRock Bitcoin ETF Transfers $226M in BTC to Coinbase Prime

On June 8, 2026, wallets associated with BlackRock's iShares Bitcoin Trust ETF (IBIT) transferred 3,580 BTC, equivalent to approximately $226.8 million, to Coinbase Prime. This movement was executed in several batches, including multiple transactions of 300 BTC each, valued at around $19.02 million. The largest single transaction involved 3,300 BTC, worth $209.23 million, moving from a BlackRock wallet to the Coinbase Prime Hot Wallet. Additionally, Arkham noted the transfer of 15,095 ETH, valued at $25.17 million, during the same period. Coinbase Prime functions as BlackRock's execution and settlement platform for IBIT, with custody managed by Coinbase Custody. This transaction comes amid significant outflows from IBIT and the broader US spot Bitcoin ETF market, which experienced net outflows of about $1.72 billion in the week ending June 5, 2026. IBIT was responsible for the bulk of these outflows, totaling $1.34 billion that week, including a record single-session outflow of $440.3 million on June 1. Despite these outflows, IBIT still leads US spot Bitcoin ETFs with $62.47 billion in cumulative net inflows since its inception. The transfer to Coinbase Prime may not signify an immediate sale; it could be part of routine ETF operations like creation or redemption processing. Market analysts are closely monitoring subsequent daily flows from IBIT and Coinbase Prime for indications of selling pressure.