BlackRock transfers $180M BTC/ETH to Coinbase amid ETF withdrawals
Lookonchain reports that BlackRock transfers about $180M in Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime, aligning with ongoing spot ETF withdrawals and renewing “BlackRock may be selling” speculation.
On March 27, 2026, BlackRock sent 612 BTC (~$41M) and 68,568 ETH (~$140M) via staged deposits (ETH in seven transactions, BTC in three). Coinbase Prime is BlackRock’s custody platform, so traders interpret the movement as possible preparation for larger exchange-side activity.
ETF flows were mixed. iShares Bitcoin Trust (IBIT) saw roughly $117M outflows over three days, but flipped with about $161M inflows on Monday, leaving net weekly inflows around $44M (cumulative since launch >$63B). For Ethereum, iShares Ethereum Trust (ETHA) recorded about $214M withdrawals this week, while iShares Staked Ethereum Trust (ETHB) has continued to attract inflows.
With risk-off price action in the background, the market focus now is whether ETF outflows accelerate further and whether the Coinbase Prime deposits increase on-exchange liquidity—factors that could pressure near-term BTC/ETH prices. BlackRock transfers BTC/ETH are therefore a key short-term watchpoint for both flows and liquidity.
Bearish
BlackRock transfers BTC/ETH are being interpreted as potential sell-side preparation because they coincide with spot ETF withdrawals and with weak/uneven ETF performance (notably ETHA withdrawals). If additional outflows continue, exchange-side liquidity may rise via Coinbase Prime deposits, which can increase sell pressure and weaken near-term price momentum for BTC and—more directly—ETH.
However, the Bitcoin side has shown some flow support (IBIT’s Monday inflow and positive weekly net), which can limit downside and create volatility rather than a one-way decline. Net effect: bearish for short-term trading due to the sell-prep narrative and the currently pressured ETF/flow backdrop, with ETH signals looking comparatively weaker than BTC.