BlackRock Moves $214M of BTC and ETH to Coinbase as IBIT/ETHA See Large ETF Outflows
On Dec. 29, 2025 BlackRock transferred substantial Bitcoin and Ethereum holdings to Coinbase, with on-chain watcher Lookonchain reporting 2,201 BTC and 7,557 ETH moved — roughly $214 million at market prices. The transfers coincided with notable spot ETF outflows: IBIT recorded about $192.6 million (~2,200 BTC) and ETHA saw ~ $22.1 million (~7,560 ETH) in daily net redemptions. After the flows IBIT and ETHA assets under management fell to approximately $67.41 billion and $10.18 billion respectively. This pattern — recurring large deposits to a centralized exchange following ETF withdrawals — suggests BlackRock may be converting ETF-related holdings into exchange liquidity, increasing short-term sell pressure on BTC and ETH. Traders should monitor on-chain transfers, ETF flow reports, Coinbase order-book depth and trading volume for confirmation, as these moves can amplify intraday volatility and liquidity shifts. Keywords: BlackRock, Bitcoin, Ethereum, Coinbase, ETF outflows, IBIT, ETHA.
Bearish
Large, repeatable transfers of BTC and ETH from an asset manager into a centralized exchange, synchronized with substantial spot ETF redemptions, increase immediate sell-side liquidity and downward pressure on prices. Short-term impact: elevated volatility and potential price declines as the market absorbs concentrated sell orders — especially if Coinbase order books lack depth at the time of deposit. Traders may see spike in volume and wider spreads during execution. Medium-to-long-term impact: limited if outflows are temporary and broader institutional demand resumes; however, persistent ETF redemptions and repeated exchange deposits could sustain bearish pressure and reduce upward momentum. Key signals to watch are continued ETF flow data, subsequent on-chain movements, exchange inflows/outflows, and changes in order-book depth and realized volume.