BlackRock Moves $181M in Bitcoin and Ether to Coinbase

BlackRock transferred about $181 million in crypto to Coinbase Prime during a market downturn that pushed Bitcoin and many altcoins lower. Arkham Intel data shows the move came from a wallet linked to the asset manager and consisted of roughly 612 BTC (about $41 million) and 68,567 ETH (approximately $140 million).

The deposits to Coinbase Prime do not necessarily indicate sales; they could reflect a rebalancing or a dip-buying strategy. Still, the timing attracted attention because it coincided with choppy ETF flows and ongoing geopolitical uncertainty. Prices retreated sharply during the same period: Bitcoin slid from above $68,000 to about $66,300, and Ether dipped to roughly $1,982—below the $2,000 mark—according to CoinGecko. Overall crypto market capitalization fell about 3% in 24 hours to near $2.4 trillion.

ETF flow data remain mixed. BlackRock’s iShares Bitcoin Trust (IBIT) recorded roughly $117 million in outflows over a recent three-day span but saw a $161 million inflow on Monday, leaving net inflows for the week near $44 million, per Farside Investors. Since IBIT’s January 2024 launch, cumulative net inflows have exceeded $63 billion.

On the Ethereum side, BlackRock’s iShares Ethereum Trust (ETHA) experienced about $214 million in withdrawals this week. By contrast, the newly launched iShares Staked Ethereum Trust (ETHB), which provides an annualized staking reward to holders, has attracted steadier inflows.

Disclosure: This article was edited by Vivian Nguyen. For more on our content creation and review process, see our Editorial Policy.