BlackRock , the world’s largest investment firm, has sparked fresh speculation about a potential Bitcoin sell-off after transferring 3,580 BTC worth approximately $226.8 million to Coinbase Prime. The move comes as the asset manager’s spot Bitcoin ETF continues to face significant investor withdrawals, raising questions about institutional demand for the cryptocurrency . The transfer was flagged on June 8 and involved Bitcoin moving from wallets linked to BlackRock’s ecosystem to Coinbase Prime, the custodian and trading platform used by many institutional clients. BlackRock ETF transaction. Source: Arkham While such transfers do not automatically indicate a sale, large deposits to exchange-linked platforms are often closely monitored by traders as potential signs of upcoming market activity. The timing of the latest 3,580 BTC transfer is of interest because ETF redemptions typically require fund managers to move or liquidate underlying Bitcoin ( BTC ) holdings to meet investor withdrawals. BlackRock’s extended redemptions The transaction follows a difficult week for BlackRock’s cryptocurrency ETFs. Data shows the firm’s products recorded combined net outflows of approximately $1.46 billion during the five trading days ending June 5, with the majority coming from the iShares Bitcoin Trust (IBIT). BlackRock’s IBIT fund experienced persistent selling pressure throughout the week, with investors withdrawing about $1.34 billion. The largest redemptions occurred between June 1 and June 3, when more than $1.17 billion exited the fund. Meanwhile, BlackRock’s Ethereum ( ETH ) ETF products also recorded notable withdrawals. The firm’s Ethereum funds posted combined net outflows of roughly $121.8 million over the same period, highlighting broader caution among institutional crypto investors. The redemptions come as the cryptocurrency market has cooled following strong gains in previous years. ETF outflows have been driven by profit-taking, macroeconomic uncertainty, and a shift away from risk assets. However, some long-term investors and institutions continue to view current price levels as potential accumulation opportunities, with Bitcoin and Ethereum attempting to hold key support levels near $60,000 and $1,500, respectively. The post BlackRock hints at dumping over $200 million of this cryptocurrency appeared first on Finbold .
