BlackRock Just Triggered the Largest Bitcoin Sell in History

BlackRock just deposited 7,432 Bitcoin, worth roughly $446 million, to Coinbase Prime. The transfer was spotted by blockchain monitoring platform LookonChain and is tied to BlackRock’s ETF operations, specifically the iShares Bitcoin Trust (IBIT).

This is BlackRock’s largest single-day net Bitcoin outflow ever. The move also included 8,150 Ethereum.

• What This Actually Means
• The ETF Outflow Picture
• The Bear Market Context
• The Feedback Loop

What This Actually Means

Coinbase Prime is the institutional platform BlackRock uses for custody and execution. When you see a deposit this size, it does not automatically mean BlackRock is dumping crypto on the open market. It means the ETF machinery is running.

These transfers have become routine throughout late 2025 and into 2026, with notable activity in January, May, and June. Previous large movements include 4,577 BTC and 41,996 ETH in one batch, and another consisting of 3,580 BTC and 15,095 ETH.

But the scale of this particular transfer is what makes it different. 7,432 BTC in a single day is the largest single-day net outflow from BlackRock’s wallets ever recorded.

The ETF Outflow Picture

BlackRock’s IBIT has been bleeding throughout June. During the trading week of June 22 to 26, U.S. spot Bitcoin ETFs experienced a combined net outflow of approximately $1.79 billion, with IBIT accounting for about $1.3 billion – nearly 73% of the total weekly outflow.

On June 26 alone, IBIT recorded a $444.5 million net outflow, the largest single-day withdrawal from the fund since its inception. The outflow streak has now extended to seven consecutive trading days.

Across the entire month of June, U.S. spot Bitcoin ETFs recorded a record-breaking $4.06 billion in net outflows – the worst month since these funds launched in January 2024. Combined with May’s $2.43 billion in outflows, nearly $6.5 billion has exited spot Bitcoin ETFs in just two months.

ETF total net assets have dropped to about $72.6 billion – down roughly 57% from a peak of $169.5 billion recorded in October 2025.

Read also: ChatGPT Predicts the Price of Bitcoin Before the End of July

The Bear Market Context

Bitcoin is now trading below $60,000 for the first time in nearly two years. The Bitcoin price hit a year-to-date low near $58,190, down nearly 30% on the year.

The Fear and Greed Index sits at 16 – deep in “Extreme Fear” territory. The market is in the peak of a brutal bear market. Long liquidations have been massive. Miners are capitulating. ETF outflows are at record levels.

The Spent Output Profit Ratio (SOPR) is signaling what analysts call a “capitulation phase,” with a significant number of long-term holders now selling their Bitcoin at a loss.

The Feedback Loop

When ETF sponsors redeem shares, they liquidate their underlying Bitcoin holdings. That requires actual Bitcoin to be sold on the open market. This creates a feedback loop where outflows beget price declines, which beget more outflows.

BlackRock’s $446 million deposit to Coinbase Prime introduces real supply onto exchange order books. While the transfer itself is operational – tied to ETF redemption mechanics – the cumulative effect of sustained outflows is undeniable.