In the middle of continuing Cryptocurrency fluctuations, Black Rockthe largest in the world investment The company transferred more than $500 million worth of Bitcoin (Bitcoin) and Ethereum (Ethereum) to Coinbase Prime hot wallets.
This move indicates that the investment manager may be preparing for potential selling pressure associated with it European Training Foundation Refunds.
Data shows that the asset manager moved 5,847 Bitcoin, worth approximately $449.5 million, from the iShares Bitcoin Trust (IBIT), along with 26,269 ETH worth about $55.4 million from Ethereum ETF entities in multiple rapid batches, bringing the total to more than $504.9 million, according to onchain. Visions Retrieved from Arkham On May 19.
This large movement occurred over a short period and involved frequent transfers, often in increments of approximately 300 BTC per Bitcoin fraction.
Deposits of this type on Coinbase Prime are typically associated with the operational mechanisms of spot ETFs, in particular to facilitate liquidity for authorized participants during the creation and redemption processes.
The timing aligns closely with significant outflows from BlackRock’s cryptocurrency ETF products. IBIT recorded one of the largest single-day redemptions of the year on May 18, with nearly $448 million in net withdrawals, contributing to broader outflows to US Bitcoin ETFs that exceeded $648 million that day.
Ethereum ETFs have also faced continued pressure, adding to multi-day redemption trends across BlackRock’s digital asset offerings.
Such large institutional transfers often occur when investors redeem shares of ETFs, resulting in the movement of the underlying cryptocurrencies to exchanges like Coinbase Prime for safekeeping, execution, or potential liquidation.
Although these conversions do not necessarily indicate immediate selling pressure, their volume has attracted attention as Bitcoin trades within a narrow range below the $80,000 mark.
BlackRock is increasing exposure to Bitcoin
Interestingly, despite the recent outflows, BlackRock’s iShares Bitcoin Trust accumulated over $537 million worth of bitcoin in May 2026.
The fund increased its Bitcoin holdings by more than 8,000 units in May, rising from approximately 810,800 BTC on May 1 to 818,840 units on May 19. I mentioned By Feinbold.
By the end of the first week of May, IBIT’s Bitcoin holdings had risen to approximately 823,000 coins, representing an increase of 13,000 BTC.
Over the subsequent days through Tuesday, BlackRock’s IBIT reduced its Bitcoin holdings by 6,000 coins to about 817,000 units.
