On-chain data shows over 2,200 Bitcoin moved to Coinbase Prime, aligning with net outflows from BlackRock’s spot Bitcoin ETF, IBIT, during a market sell-off. The transfers are part of standard settlement mechanics following price stress and liquidation-driven volatility, not discretionary selling by the asset manager.
Blockchain data indicates a surge in on-chain activity tied to BlackRock’s spot Bitcoin ETF as Bitcoin’s price sold off sharply. Arkham data shows at least eight transfers totaling roughly 2,268 BTC were routed to Coinbase Prime Deposit within a tight window.
This activity followed a period of market stress that saw Bitcoin slide from the mid-$80,000s toward the high-$60,000s. The cryptocurrency later attempted a modest rebound near the $70,000 level.
Weekly ETF data provides context, showing IBIT recorded net outflows of $115.14 million for the week ending 6 February. This implies redemptions of roughly 1,600–1,700 BTC at prevailing prices.
The larger BTC deposit amount is consistent with gross settlement flows and operational buffers typical of ETF plumbing. Transfers to Coinbase Prime function as the custody and execution layer for ETF creations and redemptions.
Bitcoin’s price action featured a fast, vertical sell-off accompanied by a clear spike in trading volume. Momentum indicators reflected pressure, with the daily relative strength index dipping into oversold territory before stabilizing.
The subsequent bounce toward $70,000 lacked strong follow-through, suggesting a relief rally. In this context, ETF outflows appear to have confirmed downside pressure after the fact.
The sequencing is consistent with price stress and liquidations first, followed by ETF redemptions and BTC routed for settlement. Available data shows no evidence of off-book or discretionary selling beyond standard ETF mechanics.
