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BlackRock moves $55M in Bitcoin from Coinbase, signaling custody shift, not a sale

Market News
08 Jul 2026
Crypto Briefing
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Bullish
BlackRock moves $55M in Bitcoin from Coinbase, signaling custody shift, not a sale

BlackRock withdrew 883.6 Bitcoin worth about $54.8 million from Coinbase Prime, reflecting a custody adjustment rather than a sell-off. This move is part of a broader pattern linked to its iShares Bitcoin Trust (IBIT), the largest U.S. spot Bitcoin ETF. BlackRock is diversifying its custody strategy by involving Anchorage Digital alongside Coinbase to reduce risk. Such custody shifts are seen as bullish since Bitcoin moved off exchanges is less likely to be sold immediately, indicating confidence in the asset's long-term holding.

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