On Monday, BlackRock transferred more than $670 million worth of Bitcoin and Ethereum to Coinbase Prime, as reported by Arkham Intelligence.
The asset management powerhouse moved 6,918 Bitcoins valued at roughly $539 million alongside 58,327 Ethereum tokens estimated at about $133 million into the institutional trading and custody platform.
These transfers are linked to operational needs for BlackRock’s spot Bitcoin ETF (IBIT) and its Ethereum ETF. The process of creating and redeeming shares requires direct custody of these digital assets.
It is important to note that such substantial asset movements do not necessarily indicate an intention to sell. However, given the recent market volatility—especially after a significant weekend downturn that saw Bitcoin dip below $75,000—BlackRock’s activity deserves careful observation.
Last Friday alone, BlackRock’s IBIT experienced net outflows totaling $528 million—the largest single-day redemption since its inception. Additionally, all US-listed spot Bitcoin ETFs combined saw outflows amounting to $1.5 billion over the week according to Farside Investors.