BlackRock withdraws $717 million in Bitcoin from Coinbase in three days

12:31

By: Dakir Madiha

BlackRock withdraws $717 million in Bitcoin from Coinbase in three days

BlackRock has withdrawn 10,749 Bitcoin, worth about $717 million, from Coinbase over three days ending February 28, according to data from blockchain analyst Onchain Lens. The most recent transfer involved 4,082 Bitcoin valued at around $269 million, marking a rapid series of large outflows from the world’s biggest asset manager.

The withdrawals began on February 26, when Onchain Lens recorded 4,309 Bitcoin, worth about $289 million, leaving Coinbase for a wallet linked to BlackRock’s exchange-traded fund. Lookonchain confirmed the move in a separate report. A second batch followed before the February 28 transaction lifted the three-day total above $717 million.

The heavy movement occurred as Bitcoin traded between roughly $63,000 and $70,000 for much of February and while U.S. spot Bitcoin exchange-traded funds (ETFs) experienced around $4.5 billion in outflows over the first eight weeks of 2026, according to SosoValue figures quoted by Binance Square. BlackRock’s own iShares Bitcoin Trust registered a $32.71 million net outflow on February 27, even as its on-chain wallet absorbed hundreds of millions in transferred Bitcoin.

Analysts say removing coins from exchanges often signals institutional accumulation rather than selling. When institutions move assets to cold or custodial wallets, they typically reduce available supply, which can lessen short-term selling pressure. Vincent Liu, chief investment officer at Kronos Research, said inflow data shows a measured return to accumulation. “Institutional sentiment is shifting back toward cautious accumulation after a period of de-risking,” he told Bitbo on February 25. That same day, BlackRock’s iShares Bitcoin Trust led all spot Bitcoin ETFs with $297.4 million in net inflows.

BlackRock has shown similar activity in the past. In mid-January, it withdrew 9,346 Bitcoin, roughly $900 million, from Coinbase over two days. The repeated large transfers highlight Coinbase Prime’s central role as a bridge connecting regulated ETFs and on-chain Bitcoin custody. With total Bitcoin holdings valued between $50 billion and $52.5 billion and cumulative inflows exceeding $60 billion since its January 2024 debut, BlackRock continues to dominate institutional participation in the cryptocurrency market despite volatile fund flows.