BlackRock has moved nearly $1 billion in Bitcoin and Ethereum to Coinbase while the crypto ETF markets for these two assets face heavy outflows. The large transfers were captured on Arkham Intelligence, showing coordinated flows from BlackRock’s ETF-linked wallets into Coinbase Prime across two consecutive days.
BlackRock’s BTC and ETH Transfers Exceed $1 Billion
The latest deposits included 6,735 BTC and 64,706 ETH, representing one of BlackRock’s biggest on-chain moves this month. These transfers followed another round of activity from the previous day, when 3,064 BTC and 64,707 ETH (totaling almost $500 million) were deposited into Coinbase.
Together, the two-day total crossed $1 billion, highlighting aggressive fund movement across BlackRock’s spot ETF products. It also means that it is the third successive day the firm would be making these transfers.
On Monday, BlackRock deposited BTC and ETH worth millions into Coinbase. All assets were sent to Coinbase Prime since it is BlackRock’s core settlement and execution platform for its spot Bitcoin and Ethereum ETFs.
Bitcoin and Ethereum ETFs Record Significant Outflows
This activity comes during a tough period for ETF flows. According to SoSoValue data, U.S. Bitcoin Spot ETFs recorded a net outflow of about $373 million. The biggest withdrawals were from BlackRock’s IBIT, with over $523 million, in one day. Other issuers reported mixed results, but none matched the scale of BlackRock’s outflows.
According to ETF analyst Eric Balchunas, this outflow was IBIT’s worst day. He further said that Bitcoin ETFs now have up to $13.3 billion total outflows in the last month.
This amount represents 3.5% of their total assets under management. However, he emphasized that IBIT continues to dominate the industry with $25 billion year-to-date inflows, making it to rank sixth among all ETFs.
Ethereum ETFs also struggled. BlackRock remains the most popular provider of ETFs despite experiencing outflows. IBIT is its most lucrative ETF and ETHA is the top Ethereum product among other Ether ETFs. These movements indicate how liquidity can shift quickly as institutional funds make moves in the markets.
Macro Uncertainty Weighs on Crypto
The timing is notable. Bitcoin is still experiencing pressure following recent losses, and Ethereum is still experiencing poor liquidity.
There has also been a weakness in sentiment in the broader markets. The crypto market is currently facing macro uncertainty before the release of Nvidia’s report earnings, FOMC minutes, and America’s employment statistics.
Despite the outflows, the large Coinbase deposits do not imply direct selling. The asset manager may be preparing the cryptocurrencies for ETF creation, redemption, or internal liquidity adjustments.
Source: https://coingape.com/blackrock-moves-815m-in-btc-and-eth-amid-etf-outflows/
