BlackRock moves 8,700 ETH to Coinbase Prime
BlackRock transferred 8,700 ETH worth $15.81 million from its spot Ethereum ETF wallets to Coinbase Prime, coinciding with $12.67 million in ETHA outflows on July 9 as total Ethereum ETF outflows hit $52.08 million.
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@BlackRock moved 8,700 $ETH worth approximately $15.81 million from wallets linked to its spot Ethereum ETF to Coinbase Prime on July 10, according to on-chain data flagged by Onchain Lens. The transfer drew attention because it coincided with a notable reversal in ETF fund flows.
ETHA Posts Outflows as Five-Day Streak Ends
According to data from SoSoValue, BlackRock's ETHA ETF saw outflows of approximately $12.67 million on July 9, coinciding with the on-chain movement from its ETF-related wallets to Coinbase Prime.
U.S. spot Ethereum ETFs recorded a net outflow of $52.2 million on July 9, bringing an end to a five-day consecutive inflow streak, according to data from Farside Investors. Fidelity's FETH led the day's declines with $34 million in net outflows, while BlackRock's ETHA contributed $12.7 million to the total.
The timing of the on-chain transfer adds context to the outflow figures. When an ETF records net redemptions, the fund manager typically needs to liquidate a portion of the underlying asset. Moving ETH to a custodial exchange such as Coinbase Prime is consistent with that process, though BlackRock has not publicly commented on the specific transaction.
Broader ETF Context
The July 9 reversal follows a brief period of recovery for Ethereum ETF products. Spot Ethereum ETFs had attracted $70.48 million in net inflows on July 8, extending a positive streak to five consecutive trading days. The abrupt swing to outflows the following day underlines how sensitive institutional flows remain to short-term market conditions.
The volatility in daily flows is consistent with the early stages of ETF adoption, where investor positioning remains reactive to broader market conditions and macroeconomic signals.
Despite the single-day setback, the broader narrative of institutional interest in Ethereum remains intact, with ETHA continuing to attract more capital over time than most competing spot ETH products.
Sources:
U.Today: BlackRock Moves 8,700 Ethereum to Coinbase: Why Traders Are Watching
BitcoinWorld: Spot Ethereum ETFs Snap Five-Day Inflow Streak With $52.2 Million in Daily Outflows
Blockonomi: Bitcoin ETFs Log $84.9M in Outflows as Ethereum Funds Extend Inflow Streak
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.