BlackRock Transfers 2,200 BTC and 2,417 ETH to Coinbase, Raising Selling-Pressure Concerns
BlackRock’s spot Bitcoin and Ethereum ETFs use Coinbase Prime as their primary custody and trading platform. Transfers to the exchange typically involve portfolio rebalancing or investor redemptions. Because flows from large institutions can affect market supply and demand, such on-chain movements draw close scrutiny, although a transfer alone does not mean a sale has been executed.
On-chain data on July 20 showed that addresses linked to BlackRock ETFs transferred 2,200 BTC and 2,417 ETH to Coinbase Prime, worth about $150 million in total. The market is concerned that the assets could create spot selling pressure. Attention will now turn to flows from Coinbase wallets and the ETFs’ daily net subscription and redemption data.
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The history behind this eventBlackRock’s IBIT Moves $203 Million in Bitcoin to Coinbase Prime
BlackRock’s iShares Bitcoin Trust, or IBIT, is a U.S. spot bitcoin exchange-traded fund that holds BTC to track the cryptocurrency’s price. Coinbase Prime provides institutional trading and execution services used in the fund’s operating structure. Transfers to the platform can be associated with ETF creations, redemptions, liquidity management or sales, meaning an on-chain deposit alone does not establish that BlackRock has sold the assets.
On July 24, 2026, blockchain monitors reported that wallets linked to IBIT transferred 3,126 bitcoin in several transactions to Coinbase Prime. The tokens were valued at about $203 million at the time. The movement prompted concern that BlackRock could be preparing sales to meet investor redemptions, potentially adding pressure to the market, though no public information as of that date confirmed that the bitcoin had been sold.
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