BlackRock, Winklevoss move 7,000 BTC to exchanges

On June 2 BlackRock and the Winklevoss twins transferred more than 7,000 Bitcoin into exchange custody. BlackRock sent 6,005 BTC, around $403 million, to Coinbase Prime, while the Winklevoss twins moved 1,000 BTC, about $67.5 million, into a Gemini hot wallet.

On-chain trackers Solid Intel and Arkham flagged the movements. Solid Intel reported the 6,005 BTC figure for the funds tied to IBIT wallets. Coinbase Prime is the custodian for IBIT, BlackRock’s spot Bitcoin exchange-traded fund.

The BlackRock transfers left institutional IBIT wallets and arrived at Coinbase Prime in rapid batches. Such transfers can be part of administrative activity linked to ETF creations and redemptions rather than direct sales on the open market.

The Winklevoss transfer moved coins from Gemini custody into a Gemini hot wallet inside the Gemini infrastructure. Arkham posted that a move to a hot wallet “typically… indicates intent to sell,” while also noting that a transfer remaining within an exchange or custody network does not by itself confirm a trade.

The transfers took place amid continued outflows from spot Bitcoin ETFs. Net redemptions have removed more than $2 billion from those funds since mid-May. Bitcoin traded near $66,973 on the same week, down about 11% from seven days earlier.

Arkham’s data shows the Winklevoss entity still holds roughly 8,328 BTC and increased Bitcoin purchases earlier this year. The firm also reported that the twins held about 1% of circulating Bitcoin in 2014 and realized more than $1 billion in gains on earlier holdings; current reported value stands near $692 million.

Market participants are watching for follow-up activity. Withdrawals from custodial accounts, redemptions that convert ETF shares back into spot Bitcoin, or additional transfers to exchange hot wallets would provide clearer on-chain evidence of selling than single-day custodial moves alone.