BlackRock moved 5,847 Bitcoin worth approximately $450 million to Coinbase Prime on Tuesday, according to blockchain transaction data. The transfer was split into 20 separate transactions.
Bitcoin briefly slid to about $76,000 on Monday before recovering to nearly $77,000 at press time.
Coinbase Prime is the institutional custody and trading arm BlackRock uses to manage Bitcoin backing its iShares Bitcoin Trust, ticker IBIT. The move does not necessarily signal a planned open-market sale; it could indicate ETF redemptions, portfolio rebalancing, or operational housekeeping for a fund approaching $63 billion in assets.
About 68% of professional investors surveyed by mid-2025 said they had already allocated or planned to access Bitcoin exposure through exchange-traded products.
Separately, data from Santiment shows the number of wallets holding at least 100 Bitcoin has climbed to 20,229, up about 11% from a year earlier. These wallets, currently valued at roughly $7.7 million each, are typically linked to institutions and high-net-worth holders. Market observers view the increase in whale wallets as a bullish long-term signal.