Analysis of BlackRock's iShares Bitcoin Trust (IBIT) on-chain transfers between February 12-14, 2026, revealed approximately 1,500 BTC ($158M+) moved to Coinbase Prime. This occurred during $158M in IBIT redemptions against total industry outflows of $410M, constituting a textbook custodial rebalancing operation, not discretionary liquidation by BlackRock. The 1,500 BTC transfer represents only 0.30% of IBIT's…
