BlackRock Moves Bitcoin Holdings as BTC Price Pulls Back From Recent Highs

BlackRock has reportedly moved a portion of its Bitcoin holdings from Coinbase Prime, sparking fresh speculation across the crypto market. The timing of these BTC transfers has drawn attention, as they come amid a short-term Bitcoin price pullback and ongoing accumulation by the world’s largest asset manager.

On-chain data shared by analysts shows multiple Bitcoin withdrawals from BlackRock-linked Coinbase Prime wallets. While some market observers believe these transactions represent routine internal custody movements tied to the iShares Bitcoin Trust (IBIT) ETF, others argue the transfers could signal preparations for selling. Investor curiosity intensified as Bitcoin slipped roughly 1% in the last 24 hours, retreating from recent highs above $97,000.

This is not the first time BlackRock has made sizable crypto-related transfers. Just last week, the firm reportedly moved approximately $294 million worth of Bitcoin and Ethereum through Coinbase, a move that coincided with crypto options expiry and fueled sell-off concerns. Similar transfers were also observed days earlier, creating a pattern that has kept traders on edge.

However, ETF flow data presents a more nuanced picture. According to SoSoValue, spot Bitcoin ETFs collectively recorded around $394 million in net outflows at the end of last week. Despite broader market weakness, BlackRock’s IBIT stood out by posting an inflow of about $15 million, suggesting continued investor confidence in the fund. In addition, reports indicate that BlackRock purchased roughly 6,647 BTC in a single trading session, bringing its total Bitcoin holdings to approximately 781,000 BTC, close to 4% of the total circulating supply.

Bitcoin’s recent decline is not solely tied to BlackRock’s activity. Broader market sentiment weakened after regulatory uncertainty resurfaced, particularly following Coinbase’s criticism of a proposed crypto bill. Crypto-related stocks also declined, mirroring Bitcoin’s pullback, while traditional safe-haven assets like gold and silver posted notable losses. Further pressure came from macroeconomic uncertainty after the U.S. Supreme Court delayed its decision on Trump-era tariffs, dampening market optimism and increasing fears of a wider market downturn.

Despite short-term volatility, BlackRock’s continued Bitcoin accumulation highlights sustained institutional interest, keeping long-term bullish sentiment alive even as prices consolidate.