BlackRock sends $382M in Bitcoin and $220M in Ethereum to Coinbase
- BlackRock transferred $220 million in Ethereum and $382 million in Bitcoin to Coinbase Prime.
- The deposits demonstrate institutional engagement with major cryptocurrencies on Coinbase’s custody platform.
BlackRock deposited 74,973 Ethereum worth $220 million and 4,356 Bitcoin worth $382 million to Coinbase Prime today, according to data from blockchain intelligence firm Arkham Intelligence.
The movements come amid uneven flows across BlackRock’s digital asset funds. On Tuesday, the firm’s Bitcoin ETF recorded more than $210 million in net outflows, while its Ethereum ETF saw net redemptions exceeding $220 million.
Still, daily ETF flows do not necessarily capture the immediate trading behavior of the underlying assets. Instead, the flows provide insight into share creation and redemption.
That said, authorized participants may choose to hold shares in inventory, wait for buyers, or redeem shares for Bitcoin at a later time. This means that inflows and outflows often lag actual market activity, and short-term daily numbers may not accurately reflect investor sentiment or trading pressure.