BlackRock, Winklevoss Transfer 7,000+ BTC to Exchanges

On June 2, BlackRock moved 6,005 bitcoin to Coinbase Prime and the Winklevoss twins transferred 1,000 bitcoin into a Gemini hot wallet, blockchain analytics firm Arkham flagged. The combined transfers exceeded 7,000 BTC and occurred as spot Bitcoin exchange-traded funds recorded net outflows and prices fell.

On-chain tracker Solid Intel reported the BlackRock transfer as roughly $403 million moved in quick batches from IBIT wallets to Coinbase Prime. Coinbase serves as custodian for BlackRock’s iShares Bitcoin Trust (IBIT). Such transfers between fund custody and exchange custody can reflect fund creation or redemption activity rather than immediate open-market sales. The movement followed several weeks in which spot Bitcoin ETFs recorded more than $2 billion in net outflows since mid-May.

Arkham identified the Winklevoss activity as a transfer of about 1,000 BTC, roughly $67.5 million, from Gemini custody into a Gemini hot wallet. Because the twins founded Gemini, the coins remained inside the platform’s infrastructure rather than moving to a third-party exchange. Arkham noted that past transfers into hot wallets have at times preceded sales and highlighted a similar pattern in March. Arkham’s data shows the twins’ entity still holds about 8,328 BTC and that Winklevoss Capital increased purchases earlier this year, with current holdings estimated near $692 million.

Bitcoin traded near $66,973 on the reporting day and was down about 11% on the week. Market participants pointed to recent high-volume on-chain transfers and continued ETF outflows as part of the trading backdrop; another large transfer last week coincided with a slide below $70,000. Neither the BlackRock nor the Winklevoss transfers prove coins were sold, as the assets remained on exchange custody wallets after the moves. Analysts say further withdrawals from exchange wallets would provide clearer evidence of actual selling pressure.