TLDR
- BlackRock transferred over $192 million in Bitcoin and $22 million in Ethereum to Coinbase Prime.
- The transfers were identified by Arkham Intelligence and recorded earlier today on the blockchain.
- BlackRock’s iShares Bitcoin Trust experienced $435 million in net outflows over the past week.
- The Ethereum ETF managed by BlackRock also saw $69 million in net withdrawals last week.
- Bitcoin briefly rose above $90,000 over the weekend before falling back to around $87,700.
BlackRock moved over $192 million in Bitcoin and $22 million in Ethereum to Coinbase Prime earlier today. The transfers occurred during increased pressure on its crypto ETF products, including IBIT and ETHA. These actions followed recent outflows from its funds, reflecting reduced institutional exposure to crypto assets.
Bitcoin ETF Outflows Continue
BlackRock sent 2,200 Bitcoin to Coinbase Prime, with a total value of roughly $192 million at transfer time. The transaction was identified by Arkham Intelligence and confirmed through blockchain monitoring platforms. Transfers to exchanges typically align with ETF share redemptions and asset rebalancing.
The move occurred shortly after BlackRock’s iShares Bitcoin Trust (IBIT) saw $435 million in weekly outflows. The ETF had mixed flows recently, but redemptions have now surpassed new inflows for several consecutive sessions. As a result, market participants are seeing decreased ETF holdings.
Bitcoin briefly surged past $90,000 during the weekend before retreating to $87,700 by Monday, based on CoinGecko data. This price pullback reflected broader cooling after a short-term rally. Volatility has affected both asset prices and ETF positioning.
Ethereum ETF Also Sees Withdrawals
BlackRock also transferred around $22 million in Ethereum to Coinbase Prime as part of the same batch. The ETH transaction appeared in blockchain logs shortly before the Bitcoin transfer. Such movements often signal operational ETF activity and not retail behavior.
The Ethereum ETF (ETHA) managed by BlackRock recorded $69 million in net outflows last week. These consistent withdrawals added pressure to fund performance and raised concerns over short-term investor commitment. Institutional outflows suggest a strategic portfolio shift.
Ethereum briefly rose above $3,000 during the weekend, tracking Bitcoin’s upward movement. However, it failed to hold gains and dropped below the threshold again. Current levels mirror broader price corrections in the digital asset sector.
BlackRock Uses Coinbase Prime for Transfers
BlackRock’s recent crypto movements are part of ongoing adjustments related to ETF liquidity and fund redemptions. Transfers to Coinbase Prime often coincide with changes in share allocations. These actions usually occur when redemptions increase or asset weightings shift.
A spokesperson has not yet commented on the reason behind today’s transfers. However, the timing aligns with the latest batch of redemptions. Analysts have flagged Coinbase Prime as a preferred execution venue for large-scale crypto transactions.
The current flow pattern reflects a trend of defensive positioning across both Bitcoin and Ethereum ETFs. Data suggests that BlackRock continues to rebalance holdings in line with investor actions. With crypto prices fluctuating, fund managers may adjust exposure accordingly.
Arkham Intelligence tracked the wallet addresses linked to BlackRock’s ETF custodial operations. Both deposits were timestamped within a close window on-chain. These transactions marked one of the larger ETF-related crypto movements this week.
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