BlackRock’s iShares Bitcoin Trust (IBIT) saw clients offload 1,948 BTC worth approximately $122.66 million in a recent wave of redemptions. The transaction, tracked through on-chain data, adds to a pattern of ETF-related selling that has defined the Bitcoin market’s rhythm throughout 2025 and 2026.
How ETF redemptions actually work
IBIT shareholders redeemed their positions, which triggered the trust to sell the underlying Bitcoin to return cash to those investors. These redemptions are typically processed through Coinbase Prime, which serves as the custodial and execution partner for BlackRock’s Bitcoin ETF operations.
BlackRock’s fund mechanics responded to client withdrawal requests. The asset manager itself maintains no proprietary Bitcoin position that it’s choosing to liquidate. Every share sold by a client maps to Bitcoin leaving the trust’s reserves. Inflows mean Bitcoin gets purchased. Outflows mean Bitcoin gets sold.
The bigger picture on ETF flows
