27-2-2025 – Investment giant BlackRock has shifted substantial digital assets to Coinbase Prime. According to tracking data from Arkham Intelligence, the firm transferred 5,100 Bitcoin—valued at approximately$441 million—alongside 30,000 Ether worth roughly $71 million within the past hour.
This latest transaction follows closely on the heels of Tuesday’s considerable movement when BlackRock relocated $160 million in Bitcoin and $44 million in Ethereum to the same platform. These transfers coincide with mounting challenges facing the company’s flagship cryptocurrency product, the iShares Bitcoin Trust (IBIT).
The timing has raised eyebrows amongst market observers as IBIT continues to struggle, posting negative performance across three consecutive trading sessions. Farside Investors data reveals the trust has suffered approximately $741 million in net outflows during the current week alone. The broader market picture appears equally concerning, with US-listed spot Bitcoin ETFs collectively experiencing their most substantial single-day exodus on Tuesday, exceeding $1 billion—of which IBIT accounted for $164 million.
Bitcoin has shown modest recovery, climbing above $86,000 after Tuesday’s troubling dip to $83,000—its lowest valuation since November 2024. However, industry experts remain cautious about the potential implications of these substantial transfers amidst ongoing market volatility.
Arthur Hayes, co-founder of BitMEX, had previously sounded alarm bells regarding certain hedge fund strategies. He specifically highlighted funds employing an arbitrage approach—maintaining long positions in IBIT whilst simultaneously shorting CME futures to enhance yields—as potentially destabilising for Bitcoin’s market value. Hayes warned that should the basis spread narrow during a Bitcoin decline, these funds might be compelled to sell IBIT whilst repurchasing futures, potentially driving prices toward the $70,000 threshold.
