BlackRock deposits 4,113 BTC ($429.4M) to Coinbase Prime

On-chain data from Arkham Intelligence revealed that BlackRock deposited 4,113 BTC (roughly $429.4 million) to Coinbase Prime 2 hours ago. The transaction is the company’s first move to sell after more than a month of consistent buying.

BlackRock’s latest large-scale deposit signals a possible shift in institutional sentiment and could increase short-term BTC volatility, with traders waiting for potential price corrections and further sell-side pressure. The firm’s move is notable as its previous consistent accumulation had supported bullish momentum in the crypto market.

BlackRock ends Bitcoin buying streak

BlackRock deposited 4,113 $BTC ($429.4M) to #CoinbasePrime 2 hours ago — its first move to sell after more than a month of consistent buying.https://t.co/qmuDIrP9my pic.twitter.com/jV7aFszKZi

— Lookonchain (@lookonchain) June 2, 2025

BlackRock initiated its first sale after depositing 4,113 BTC ($429.4M) to Coinbase Prime on June 2, 2025. At the time of publication, on-chain data showed that BlackRock currently holds around $73 million in Bitcoin. On-chain data also showed a 7% rise in Bitcoin exchange inflows over the past 24 hours, totaling 22,300 BTC across major platforms like Binance and Coinbase.

At the time of publication, Bitcoin is currently exchanging hands at $104,689, a 4.51% decrease in the last 7 days. At the same time, trading volume for BTC/USD on Coinbase inched up by 12% within the last hour, reaching 18,500 BTC traded, suggesting increased market activity caused by the news.

BlackRock ended its 31-day spot Bitcoin ETF inflow streak with its largest outflow on record, nearly $12.7 million more than its previous biggest outflow day. According to Farside data, BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest outflow of $430.8 million on May 30. The firm’s previous largest outflow day was on February 26, with $418.1 million in outflows.

The 11 spot Bitcoin ETFs recorded net outflows for the second consecutive day on May 30, totaling $616.1 million. The day prior, all BTC ETFs ended their 10-day net inflow streak with an outflow day of $346.8 million, despite BlackRock posting an inflow. 

“Every other issuer saw red. BlackRock kept buying … big brain energy right there. The selloff isn’t retail panic. It’s LITERALLY the quiet transfer of supply to the strongest hands.”

–Kyle Chasse, Founder of Master Ventures.

Derive founder Nick Forster argued on May 30 that there has been a significant amount of spot Bitcoin ETF inflows in recent times, yet it hasn’t been reflected in the spot price. He noted that despite significant inflows into BTC ETFs, with over $6.2 billion into IBIT, BTC’s price hasn’t experienced a commensurate rise.

Data from CoinShares showed that ARK Invest and 21Shares’ crypto investment product saw the biggest losses among issuers last week, totaling $282 million and bringing YTD flows to $22 million of outflows.

Crypto-related stocks such as Strategy, which holds significant Bitcoin reserves, saw a 3.2% decline to $1,580 per share as of the market close on June 1, 2025. Strategy has also increased its digital asset holdings for eight consecutive weeks, spending approximately $75 million to purchase 705 BTC. Global listed firms recorded net purchases of $196 million, reflecting institutions’ long-term confidence in digital assets.

Ether tops crypto funds in inflows

📊 Ethereum leads digital asset inflows with strongest run since 2024

Last week, digital asset investment products saw inflows of US$286M. @ethereum led with inflows of US$321M, while @Bitcoin saw outflows of US$8M. $XRP saw outflows of US$28.2M.

🇺🇸 + US$199M
🇩🇪+ US$42.9M… pic.twitter.com/7IQ429VHn6

— CoinShares (@CoinSharesCo) June 2, 2025

CoinShares reported on June 2 that crypto exchange-traded products (ETPs) recorded $286M in inflows in the week ending May 30, bringing a seven-week run of inflows to $10.9 billion. CoinShares’ head of research, James Butterfill, noted that despite the inflows, total assets under management (AUM) declined from an all-time high of $187 billion to $177 billion by the weekend, triggered by uncertainty over U.S. tariffs.

Ethereum ETPs last week recorded inflows totaling $321 million, marking the strongest run since late December 2024. Butterfill also argued that BTC ETPs saw $8 million in outflows after a major flow reversal following a New York Court decision to declare U.S. tariffs illegal. 

The CoinShares researcher also revealed that XRP investment products posted the biggest outflows last week, totaling $28 million, marking the second week of losses for the digital asset. The flow reversal of BTC ETPs followed six weeks of healthy inflows in Bitcoin products, with the losses being attributed to many factors supporting the overall decline of crypto markets last week.

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