BlackRock moves $200M in BTC and $29M in ETH into Coinbase Prime amid ETF outflows
BlackRock transferred roughly $200 million in Bitcoin (BTC) and about $29 million in Ethereum (ETH) to Coinbase Prime, according to Arkham Intelligence. The transfers coincided with recent net outflows from BlackRock’s spot crypto ETFs: its Bitcoin ETF (IBIT) saw roughly $157 million in net redemptions and its Ethereum ETF (ETHA) recorded about $25 million withdrawn, per Farside Investors. Despite these short-term redemptions, IBIT remains the largest spot Bitcoin ETF since launch. BlackRock has also named Bitcoin a top 2025 investment theme alongside T‑bills and major tech stocks. Traders should view the on‑chain transfers primarily as operational liquidity management, portfolio rebalancing or custodial consolidation rather than a clear directional bet on BTC or ETH prices. Short‑term volatility could rise around ETF flows and large custodial movements, but the moves do not necessarily signal a sustained sell‑off.
Neutral
The transfers look operational — liquidity management, rebalancing or custodial moves — rather than directional selling. Reported net outflows from IBIT and ETHA could create short‑term selling pressure and heightened volatility, but IBIT remains the market‑leading product and the amounts moved to Coinbase Prime align with routine fund operations (client redemptions, custody consolidation). For traders, expect potential short‑term price swings around ETF flow data and large on‑chain transfers, but no clear signal for sustained bearish or bullish trends solely from these moves. Monitor subsequent ETF flow reports, exchange order books and on‑chain activity for confirmation before taking directional positions.