BlackRock's iShares Bitcoin Trust conducted multiple large-scale Bitcoin transfers between Coinbase accounts this week. On-chain data reveals that 6,647 BTC, valued at approximately $638 million, were moved from Coinbase Prime custody over an eight-hour period between January 15 and 16.
These movements occurred as BlackRock's IBIT showed resilience, posting $15 million in net inflows on Friday. This contrasts with competing Bitcoin exchange-traded funds, which collectively recorded $394 million in total outflows, according to data from SoSoValue. Analysts have interpreted these transfers as routine custody operations between Coinbase's institutional platform and the ETF's cold storage infrastructure, rather than indicators of liquidation activity. However, the timing, coinciding with Bitcoin's pullback from recent highs near $98,000, has sparked speculation on social media.
Operational Movements vs. Market Impact
The blockchain intelligence firm Onchain Lens tracked BlackRock withdrawing a total of 9,346 BTC, valued at approximately $900 million, over a two-day period. Additionally, 4,179 ETH, worth $13.76 million, were also moved from the exchange during this timeframe.
Industry observers typically view withdrawals from exchanges as bullish signals, suggesting long-term holding intentions. This is in contrast to deposits to exchanges, which can sometimes precede sales to meet redemption requests.
BlackRock had previously made deposits to Coinbase earlier in January, which coincided with periods of ETF outflows. Notably, on January 9, a day when IBIT experienced $193 million in daily redemptions, BlackRock transferred $294 million in combined Bitcoin and Ethereum holdings to Coinbase.
Holdings Growth Despite Volatility
The asset manager's total Bitcoin holdings through IBIT now amount to approximately 781,000 BTC, representing nearly 4% of Bitcoin's circulating supply. Recent additions to these holdings include the 6,647 BTC purchase that occurred alongside the reported withdrawal activity.
Bitcoin was trading near $95,000 on Saturday, having failed to sustain momentum above $97,000 earlier in the week. The cryptocurrency experienced a decline of roughly 1% over the preceding 24 hours, reflecting broader market uncertainty.

