BlackRock Bitcoin activity is under market scrutiny after onchain analyst Ali Martinez pointed to roughly $5.28 billion in BTC sold or redistributed over the past two months.
The figure adds to pressure around the iShares Bitcoin Trust during Bitcoin’s latest drawdown. ETF-linked wallet movement can reflect redemptions, authorized participant settlement, custody rebalancing, Coinbase Prime routing or liquidity management. Open-market execution is only confirmed when trade or redemption evidence supports that conclusion.
The iShares Bitcoin Trust ETF gives investors exposure to Bitcoin through an exchange-traded product, with the trust holding BTC to reflect the asset’s price less expenses and liabilities. When investors redeem ETF shares, Bitcoin can move through custody and settlement channels as part of normal fund operations.
The market reaction has focused on whether IBIT has shifted from a demand channel into a redemption channel. During the ETF’s strongest inflow periods, BlackRock absorbed supply and gave institutions a clean route into Bitcoin exposure. During outflow periods, the same structure can increase visible pressure while BTC trades near long-term support.
Farside’s Bitcoin ETF flow data shows BlackRock’s IBIT recorded several large outflow sessions in late June, including $172 million on June 22, $182 million on June 23, $239.3 million on June 24, $265.7 million on June 25 and $444.5 million on June 26.
Those sessions placed IBIT at the center of the broader worst weekly outflow for U.S. spot Bitcoin ETFs, when roughly $1.79 billion left the fund group between June 22 and June 26.
The pressure did not stop at the end of that week. IBIT also posted $300.4 million in outflows on June 29 and $212.4 million on June 30, pushing the seven-session total above $1.8 billion for the fund.
Wallet activity has kept the same theme in view. BlackRock recently moved 7,432 BTC and 8,150 ETH to Coinbase Prime, with the Bitcoin portion valued near $446 million at the time of transfer. Coinbase Prime can support custody, execution, ETF redemption plumbing, settlement and institutional liquidity workflows, so the transfer added pressure to the flow story without proving a standalone market sale.
The BlackRock-linked flow claim arrives during Bitcoin’s weakest stretch of the year. BTC has traded near the high-$50,000 range after losing key momentum, while ETF redemptions have removed one of the strongest demand narratives from earlier in the cycle.
That pressure has also pushed attention back to long-term technical levels. Bitcoin recently tested its 200-week SMA setup, a zone watched by cycle traders during deeper drawdowns.
IBIT remains one of the most important regulated access points for Bitcoin. Large inflows can absorb supply and support price stability, while large redemptions can add stress when holders are already underwater and spot liquidity is thin.
Bitcoin traded near $58,463 at the latest market check, with an intraday low around $57,891 and a high near $59,303.
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