Bitcoin rose above $92,000 as BlackRock ETF moved $300 million to Coinbase Prime

Bitcoin BTC$92,118.12 rose above $92,000 in early New York hours Tuesday as wallets tied to BlackRock’s spot crypto exchange-traded funds (ETFs) routed roughly $300 million worth of bitcoin BTC$92,118.12 and ether ETH$3,145.35 to Coinbase Prime as part of a routine, albeit unusually high, creation and redemption flows.

On-chain trackers flagged transfers of about 3,290 BTC ($298 million) and 5,692 ETH ($18 million) to Coinbase Prime, which is used by authorized participants and institutional clients to source or redeem coins tied to ETF shares. Such movements can reflect client rebalancing, redemptions or settlement logistics around ETF subscriptions, and do not necessarily signal outright spot selling.

The movements come as bitcoin tries to build on a tentative early year rebound after a choppy December finish. BTC has pushed above $92,000 since Monday evening, with traders watching whether the move can extend toward last week’s highs near $95,000 once U.S. liquidity fully returns. It was recently trading around $91,830.

“Bitcoin has exceeded $92K since Monday evening, attempting to climb above levels seen a week ago,” said Alex Kuptsikevich, chief market analyst at FxPro. “It would be too hasty to conclude sustained risk appetite while the price remains below previous local highs of $95K.”

ETF flows remain a key swing factor. After heavy tax-related selling and year-end book cleanup weighed on crypto into late December, market participants have been watching whether share creation restarts as January risk appetite stabilizes.

As of Jan. 12, BlackRock’s iShares Bitcoin Trust (IBIT) held about 773,898 bitcoin, making it the largest holder of BTC among asset managers. IBIT clients have accumulated steadily since the fund’s early 2024 debut. It remains the dominant vehicle for institutional bitcoin exposure in the U.S.

BlackRock also maintains a sizable ether position through its iShares Ethereum Trust (ETHA). The fund reported total net assets of roughly $10.8 billion as of Monday, representing close to 2.9% of ether’s circulating supply.