BlackRock moved 5,100 Bitcoin worth approximately $441 million and 30,000 Ether valued at about $71 million to Coinbase Prime within the last hour, as tracked by Arkham Intelligence.

The transfer follows BlackRock’s Tuesday movement of $160 million in Bitcoin and $44 million in Ethereum to Coinbase Prime, amid mounting pressure on BlackRock’s flagship Bitcoin ETF, the iShares Bitcoin Trust (IBIT).

IBIT has experienced negative performance for three consecutive days, with approximately $741 million in net outflows so far this week, based on Farside Investors data. US-listed spot Bitcoin ETFs recorded their largest single-day outflows of over $1 billion on Tuesday, with IBIT accounting for $164 million of the withdrawals.

Given the recent Bitcoin ETF sell-off, with IBIT posting negative performance for three consecutive days, the deposit raises concerns about further liquidations.

The latest transfers come as Bitcoin recovered slightly above $86,000 after dropping to $83,000 on Tuesday, its lowest level since November 2024.

BitMEX co-founder Arthur Hayes previously warned that hedge funds employing an arbitrage strategy—long IBIT and short CME futures for enhanced yield—pose a potential risk to Bitcoin’s price.

He cautioned that if the basis spread narrows during a Bitcoin decline, these funds might sell IBIT and buy back futures, potentially driving the price towards $70,000.