On June 2nd, over 7,000 bitcoins were transferred to exchange-linked wallets within hours, raising concerns about potential selling pressure. On-chain monitoring platform Arkham noted that these transfers involved two highly watched holders: BlackRock and the Winklevoss brothers.

BlackRock transferred 6005 BTC

Reports indicate that BlackRock transferred 6,005 BTC to Coinbase Prime, worth approximately $403 million at the time. These Bitcoins originated from a wallet associated with its Bitcoin ETF product, IBIT.

A single large transfer is not necessarily a sale, but because Coinbase Prime is often used by institutions for custody and trade execution, such fund flows are usually regarded by the market as a signal that needs to be closely watched.

1000 BTC flowed into the Gemini hot wallet.

At the same time, the Winklevoss brothers transferred 1,000 BTC from the Gemini escrow address to the Gemini hot wallet, amounting to approximately $67.5 million.

Transferring funds to a hot wallet does not directly prove that a sale has occurred, but hot wallets offer greater transaction accessibility, which often amplifies market speculation about subsequent actions.

ETF outflows coupled with price declines

When this on-chain anomaly occurred, the spot Bitcoin ETF had seen outflows exceeding $2 billion since mid-May. Amidst this weakening liquidity, Bitcoin was trading at approximately $65,983, a drop of 11.21% since June 1st.

There is currently no evidence that the aforementioned Bitcoin has been sold. However, against the backdrop of continued ETF outflows and weakening prices, the large-scale shift of funds towards exchange-related infrastructure continues to keep market sentiment cautious.