BlackRock moved 951.5 BTC, worth roughly $59 million, into Coinbase this week. Taken in isolation, that number sounds large. In context, it is almost a rounding error.
In the past week alone, BlackRock-linked addresses have deposited over 20,000 BTC into Coinbase, a figure that works out to approximately $1.22 billion at current prices. The 951.5 BTC transfer is simply the latest data point in what has become a steady drumbeat of institutional Bitcoin movement.
Bitcoin was trading at approximately $62,000 per coin at the time of the deposit, giving the broader week of transfers a scale that would make most traditional asset managers pause.
What is actually happening here
These transfers run through Coinbase Prime, the institutional-grade platform that handles custody and liquidity for large clients. BlackRock’s iShares Bitcoin Trust, known as IBIT, uses Coinbase Custody Trust Company as its principal custodian.
