BlackRock recently transferred approximately 5,100 $BTC , valued at around $441 million, to Coinbase Prime. This move coincided with significant outflows from BlackRock's iShares Bitcoin Trust (IBIT), which experienced about $741 million in net outflows over three consecutive days. The broader U.S. spot Bitcoin ETF market also saw substantial withdrawals, with over $1 billion exiting in a single day, and IBIT accounting for $164 million of that total.
These transfers have sparked discussions about potential liquidations. Some analysts suggest that hedge funds employing arbitrage strategies—long on IBIT and short on CME Bitcoin futures—might be unwinding positions, especially if the basis spread narrows during a Bitcoin price decline.
As of June 2, 2025, Bitcoin is trading at approximately $104,314, reflecting a slight decrease of 0.00371% from the previous close.
While the transfer to Coinbase Prime indicates a potential shift in strategy, it's essential to consider that such movements could be related to liquidity management or ETF redemption processes rather than an outright sell-off. Investors should monitor further developments and market responses to gauge the long-term implications of these transactions.
