BlackRock Moved Massive Amount of BTC & ETH To Coinbase

BlackRock Sends Over $600M in Bitcoin and Ethereum to Coinbase Prime

BlackRock transferred a cumulative 7,160 $BTC and 98,850 $ETH to Coinbase Prime over the last 48 hours, according to on-chain data, in what observers are calling a significant institutional rebalancing phase. The movement spans approximately $447M in $BTC and $164M in $ETH, bringing the combined total to roughly $611M.

A single-day deposit of 2,700 $BTC (approximately $168.63M) and 52,956 $ETH (approximately $88.17M) was recorded as of the morning of June 24, reflecting high-velocity liquidity management from the world's largest asset manager. The transfers are believed to be connected to BlackRock's iShares Bitcoin Trust (IBIT) and its Ethereum ETF (ETHA).

ETF Operations or Market Signal?

This latest movement follows a pattern of similar transfers in recent weeks. On-chain data from Arkham showed BlackRock-linked wallets transferred 3,580 $BTC, valued at approximately $226.8 million, to Coinbase Prime on June 8, 2026. On June 11, BlackRock deposited 2,402 $BTC worth approximately $151.4 million and 12,679 $ETH worth approximately $21.06 million to Coinbase Prime.

The scale of these cumulative flows has attracted close market attention, though analysts caution against reading them as a straightforward sell signal. The movement does not confirm that BlackRock sold Bitcoin or Ether on the open market. Coinbase Prime is an institutional trading, custody, and settlement platform, and ETF-linked wallet transfers can reflect redemption settlement, custody management, or authorized participant activity.

For IBIT, assets may be moved through Prime for execution, settlement, or handling creation and redemption, rather than simply reflecting an immediate market sell order. Still, BTC flows into Coinbase Prime are often monitored by traders because deposits into exchange infrastructure can signal that liquidity is being prepared for use.

The activity underscores the growing institutionalization of digital assets and the critical role custodial platforms play in supporting these products. For the broader market, it serves as a reminder that large asset managers are actively managing their crypto exposures, even as daily price action captures headlines.

Sources:
NFT Plazas: BlackRock Bitcoin ETF Moves $226M in BTC to Coinbase Prime
The Merkle: BlackRock Moves $159M in Bitcoin and Ethereum to Coinbase Prime
Crypto Adventure: BlackRock ETF Wallets Send $172M in BTC and ETH to Coinbase Prime