BlackRock sends over $670M in Bitcoin, Ethereum to Coinbase

BlackRock moved over $670 million in Bitcoin and Ethereum to Coinbase Prime on Monday, according to Arkham Intelligence data.

Specifically, the asset management giant deposited 6,918 Bitcoin worth approximately $539 million and 58,327 Ethereum valued at about $133 million into the institutional trading and custody platform.

The movements are tied to operational requirements for BlackRock’s spot Bitcoin ETF (IBIT) and Ethereum ETF, which involve creation and redemption processes requiring direct custody arrangements.

Large-scale asset transfers do not automatically signal an intent to sell. Still, BlackRock’s move warrants close monitoring as markets remain under pressure following a sharp weekend sell-off that pushed Bitcoin below $75,000.

BlackRock’s IBIT recorded $528 million in net outflows last Friday, its largest single-day redemption since launch, while total outflows across all US-listed spot Bitcoin ETFs reached $1.5 billion for the week, per Farside Investors.