BlackRock Moves $366M BTC & ETH to Coinbase Amid ETF Drain
On August 20–21, BlackRock transferred 1,885 BTC and 59,606 ETH (about $366 million) from ETF-linked addresses into a Coinbase Prime wallet. The move coincided with nearly $2 billion in ETF outflows—$970.8 million from Bitcoin ETFs and $925.8 million from Ethereum ETFs over four days, including $220 million and $257.8 million redemptions from iShares BTC and ETH ETFs on August 20. Other issuers like Ark Invest, Grayscale and Fidelity also saw sizable withdrawals. Transfers to Coinbase Prime often signal institutional sell-offs and have added short-term selling pressure, sending BTC down 8% and ETH down 10% in a week. Traders should monitor on-chain analytics, exchange order books and ETF outflows data to gauge liquidity, assess liquidation pressure and adjust positions ahead of further institutional selling.
Bearish
Large ETF outflows and BlackRock’s transfer of 1,885 BTC and 59,606 ETH to Coinbase Prime signal institutional sell-off pressure. Nearly $2 billion left BTC and ETH ETFs in four days, driving short-term selling momentum and price drops (BTC down 8%, ETH down 10% in a week). In the short term, traders may face heightened liquidation risk and reduced liquidity. Over the longer term, some flows could reflect portfolio rebalancing or custody consolidation, offering eventual stability—but continued outflows will sustain bearish sentiment and cap any relief rally.