A massive Bitcoin movement linked to BlackRock has sparked panic across social media.

Over 50,000 Bitcoins, valued at approximately $548 million or around IDR 8.93 trillion (at an exchange rate of IDR 16,302 per USD), have reportedly shifted in the past week from wallets associated with iShares Bitcoin Trust (IBIT), BlackRock’s exchange-traded fund (ETF).

At first glance, the move appeared to be a large-scale sell-off by one of the world’s largest Bitcoin ETF managers. However, data reveals that the situation is not as dire as it seems.

What Happened with IBIT?
According to Finbold, on-chain data recorded 8,668 Bitcoin transactions tied to IBIT within the past week. Consequently, the ETF’s Bitcoin balance fell from 562,000 BTC to 511,978 BTC.

Most transfers averaged around 300 BTC per transaction, worth about $35 million (IDR 570.57 billion).

Some larger movements occurred as well, such as a transfer of 196.55 BTC, valued at approximately $22.9 million (IDR 373.32 billion).

On-chain dashboards reveal a clear pattern of asset rotation between wallets, causing BlackRock’s Bitcoin balance to decline gradually.

Not a Sell-Off, Just Wallet Management
Despite its dramatic appearance, this activity reflects standard ETF operations.

As reported by CoinTelegraph, ETF custodians frequently shift Bitcoin between cold storage (offline), hot wallets (online), and third-party partners to ensure security and liquidity.

“As long as the Bitcoin isn’t sent to exchanges, these movements cannot be considered a sell signal,” stated CoinTelegraph.

In reality, IBIT still holds the full reserve of Bitcoin backing its investors’ shares.

The total assets under management (AUM) remain unchanged, meaning this is purely a matter of wallet management, not liquidation.

Impact on Market Sentiment
The timing of these transfers was unfortunate, as Bitcoin is currently trading at $113,500 (IDR 1.85 billion per BTC), down 5 percent in the past week amid a global decline in risk assets.

The narrative of a “BlackRock dump” likely worsened market panic, even though no significant fundamental changes occurred.

For crypto analysts, the key signal to watch is not wallet-to-wallet movements but rather the inflow of Bitcoin to exchanges.

Exchange inflows indicate potential selling pressure, while movements into deeper storage suggest a long-term holding strategy.