BlackRock deposited $181 million in digital assets on Coinbase Prime during a crypto market slump that pushed Bitcoin and altcoins lower. Arkham Intel data shows 612 BTC (about $41 million) and 68,567 ETH (roughly $140 million) were transferred from a wallet owned by the asset manager.
The transfers may not be sales and could reflect a dip-buying strategy, but they drew attention amid mixed demand for spot crypto ETFs and ongoing geopolitical uncertainty. The deposit coincided with a sharp retreat in prices: Bitcoin fell from above $68,000 to about $66,300 and Ether dipped to $1,982, below $2,000, per CoinGecko. Total market capitalization dropped 3% over 24 hours to $2.4 trillion.
Flows into and out of BlackRock’s spot crypto ETFs have been mixed. The iShares Bitcoin Trust (IBIT) recorded roughly $117 million in outflows over the past three days but saw $161 million in inflows on Monday, leaving net inflows for the week at about $44 million, according to Farside Investors data. Cumulative net inflows into IBIT since its January 2024 launch have topped $63 billion.
On the Ether side, BlackRock’s iShares Ethereum Trust (ETHA) experienced roughly $214 million in withdrawals this week. That contrasts with steady inflows into the newly launched iShares Staked Ethereum Trust (ETHB), which offers holders an annualized staking reward.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.