BlackRock-linked Coinbase transfers coincide with $223 million US spot Bitcoin ETF outflows

BlackRock-linked addresses transferred large amounts of Bitcoin and Ether to Coinbase and Coinbase Prime on June 29 and June 30, according to on-chain reports from Onchain Lens, PANews and Lookonchain, while SoSoValue reported that US spot Bitcoin ETFs saw $223 million in net outflows on June 30, led by BlackRock’s IBIT with $212 million and Fidelity’s FBTC with $10.1963 million. June 29 transfers were reported as 7,432 BTC worth $446.38 million and 8,150 ETH worth $12.89 million. For June 30, sources agreed on 30,725 ETH worth about $48.6 million but differed on the Bitcoin amount: PANews, citing Onchain Lens, reported 4,385 BTC worth about $260 million sent to Coinbase, while Lookonchain reported 4,984.56 BTC worth roughly $295 million sent to Coinbase Prime. The wallet movements and ETF outflows occurred on the same day for part of the activity, but the transfers alone do not confirm sales, redemptions or BlackRock’s intent.