BlackRock Just Moved Over $200M worth of BTC and ETH
BlackRock deposited 3,410 BTC and 5,132 ETH into Coinbase Prime in the latest on-chain transfer tracked by LookonChain, continuing a pattern of large institutional crypto movements tied to its iShares ETF products.
BlackRock has deposited 3,410 $BTC, worth approximately $209.64 million, and 5,132 $ETH, worth around $8.43 million, into Coinbase Prime, according to on-chain data flagged by LookonChain. The move is the latest in a series of large transfers from the world's largest asset manager into its institutional custody and execution platform.
A Pattern of Large On-Chain Movements
The transfer is part of a broader trend. BlackRock has moved more than $600 million worth of Bitcoin and Ether to Coinbase Prime wallets over the past 48 hours. On-chain data shows the Bitcoin was moved in multiple separate transfers, while blockchain analytics firm Lookonchain confirmed the process was carried out through multiple Coinbase Prime-linked addresses.
Coinbase Prime serves as the primary execution and custody partner for several major institutional players, including spot Bitcoin ETF issuers. BlackRock operates both the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust, both of which use Coinbase as a custodian.
ETF Operations or Selling Pressure?
The transfers have drawn mixed reactions. Some market participants view the move as possible preparation for selling linked to spot ETF redemptions, though it is not confirmed. Others say it could be asset movement or liquidity management.
Institutions routinely move assets to exchange-linked custodians for reasons that include rebalancing portfolios, managing liquidity across funds, or facilitating ETF creation and redemption processes. The move has become extremely familiar and is often expected during periods when BlackRock's ETF products are witnessing net outflows.
The key point to watch is whether ETF fund flows reverse. If money starts flowing back into ETFs, BlackRock's asset-transfer pattern could change, and the market is closely tracking future net inflows and outflows as well as the scale of any additional transfers.
Source: LookonChain
Sources:
CoinCu: BlackRock Deposits 5,212 BTC and 20,000 ETH to Coinbase
Digital Today: BlackRock transfers over $600 million in BTC and ETH to Coinbase
U.Today: Over $610 Million in Bitcoin and Ethereum Moved by BlackRock
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UC HopeUC holds a bachelor’s degree in Physics and has been a crypto researcher since 2020. UC was a professional writer before entering the cryptocurrency industry, but was drawn to blockchain technology by its high potential. UC has written for the likes of Cryptopolitan, as well as BSCN. He has a wide area of expertise, covering centralized and decentralized finance, as well as altcoins.