In the middle of what is happening crypto currency restlessness, BlackRockthe largest in the world money firm, has transferred over $500 million worth of Bitcoin (BTCand Ethereum (The price of ETH) to Coinbase Prime hot wallets.
This change indicates that the investment manager is planning to sell the corresponding asset ETF redemptions.
The data shows that the asset manager moved 5,847 BTC, worth about $449.5 million, from the iShares Bitcoin Trust (IBIT), along with 26,269 ETH worth about $55.4 million to his Ethereum ETF in several groups quickly, bringing a total of more than $504.9 million, according to onchain awareness taken from Arkham on May 19.
The move took place over a short period of time and involved repeated transfers, usually around 300 BTC increments per Bitcoin unit.
Deposits of this type at Coinbase Prime are often compatible with the ETF operating system, mainly to facilitate the control of funds to authorized holders during creation and redemption.
The timing coincides with a large outflow from BlackRock crypto ETF assets. IBIT recorded one of the largest annual redemptions of the year on May 18, with nearly $448 million in total withdrawals, helping the Bitcoin ETF’s withdrawals exceed $648 million that day.
Ethereum ETFs also faced continued pressure, adding to the multi-day redemption of BlackRock’s digital assets.
Such large-scale transfers often occur when investors redeem ETF shares, causing the cryptocurrency to turn to exchanges such as Coinbase Prime for storage, execution, or liquidation.
Although these moves do not indicate immediate selling pressure, their volume has attracted attention as Bitcoin trades within the lows below $80,000.
BlackRock increases Bitcoin exposure
Interestingly, despite its recent exit, BlackRock’s iShares Bitcoin Trust has acquired over $537 million worth of Bitcoin in May 2026.
The coin increased its BTC holdings by more than 8,000 units in May, from 810,800 BTC on May 1 to 818,840 units on May 19, as report and Finbold.
By the end of the first week of May, IBIT’s Bitcoin stock had risen to about 823,000 coins, which represents an increase of 13,000 BTC.
In the days leading up to Tuesday, BlackRock’s IBIT adjusted its BTC holdings by 6,000 coins to 817,000 units.
