TLDR
- BlackRock transferred nearly $1 billion in Bitcoin and Ethereum to Coinbase over two consecutive days.
- The asset manager moved 6,735 BTC and 64,706 ETH in its latest deposit to Coinbase Prime.
- BlackRock’s IBIT ETF experienced its worst single-day outflow with over $523 million in withdrawals.
- Bitcoin ETFs recorded a total net outflow of approximately $373 million according to SoSoValue data.
- ETF analyst Eric Balchunas reported that Bitcoin ETFs have seen $13.3 billion in outflows over the past month.
BlackRock has deposited nearly $1 billion worth of Bitcoin and Ethereum into Coinbase over two consecutive days. The asset management giant moved 6,735 BTC and 64,706 ETH in its latest transfer, according to Arkham Intelligence data.
These deposits represent one of BlackRock’s largest on-chain movements this month. The transfers occurred as both Bitcoin and Ethereum ETF markets experienced heavy outflows.
BlackRock’s Two-Day Transfer Activity Exceeds $1 Billion
The firm sent 3,064 BTC and 64,707 ETH to Coinbase on the first day. This initial transfer totaled approximately $500 million in combined value.
On the following day, BlackRock deposited 6,735 BTC and 64,706 ETH. The two-day total crossed $1 billion in transferred assets.
All cryptocurrencies went to Coinbase Prime, which serves as BlackRock’s settlement platform. The firm uses this platform for its spot Bitcoin and Ethereum ETF operations.
This marked the third consecutive day of transfers from BlackRock’s ETF-linked wallets. The coordinated flows highlight aggressive fund movement across the company’s spot ETF products.
Bitcoin ETF Records Worst Single-Day Outflow
U.S. Bitcoin Spot ETFs recorded a net outflow of approximately $373 million, according to SoSoValue data. BlackRock’s IBIT experienced the largest withdrawals with over $523 million leaving in one day.
ETF analyst Eric Balchunas noted this was IBIT’s worst single day on record. He stated that Bitcoin ETFs have seen up to $13.3 billion in total outflows over the past month.
This outflow represents 3.5% of total assets under management for Bitcoin ETFs. However, Balchunas emphasized that IBIT maintains dominance with $25 billion in year-to-date inflows.
IBIT currently ranks sixth among all ETFs based on inflows this year. Other issuers reported mixed results, but none matched BlackRock’s outflow scale.
Ethereum ETFs Face Pressure as Market Uncertainty Grows
Ethereum ETFs also struggled during this period of market stress. BlackRock remains the most popular ETF provider despite experiencing outflows across its products.
ETHA stands as the top Ethereum product among competing Ether ETFs. The firm’s IBIT continues as its most successful overall ETF offering.
Bitcoin faces ongoing pressure following recent price losses. Ethereum continues experiencing poor liquidity conditions in current market environments.
Broader market weakness has affected overall sentiment in the crypto sector. Macro uncertainty persists ahead of Nvidia’s earnings report, FOMC minutes, and U.S. employment statistics.
The large Coinbase deposits do not necessarily indicate direct selling by BlackRock. The asset manager may use these cryptocurrencies for ETF creation, redemption, or internal liquidity adjustments.
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