BlackRock transferred more than $800 million worth of Bitcoin and Ethereum to Coinbase this week, coinciding with a period of heavy outflows from U.S. crypto exchange-traded funds. The large movements were identified by Arkham Intelligence, which tracked multiple coordinated transfers from wallets tied to BlackRock’s spot BTC and ETH ETFs into Coinbase Prime over two consecutive days.
Large BTC and ETH Transfers Surpass $1 Billion
The latest activity included 6,735 BTC and 64,706 ETH, marking one of BlackRock’s biggest on-chain shifts this month. These transactions followed another batch the previous day involving 3,064 BTC and 64,707 ETH, totaling almost $500 million.
Together, the two-day flow exceeded $1 billion, making it the third straight day of significant transfers from BlackRock to Coinbase Prime—its primary execution and settlement platform for spot Bitcoin and Ethereum ETFs.
Bitcoin and Ethereum ETFs Record Steep Outflows
The transfers occurred as ETF markets entered a challenging phase. Data from SoSoValue shows that U.S. spot Bitcoin ETFs saw a net outflow of roughly $373 million, with BlackRock’s IBIT leading the declines at $523 million withdrawn in a single day. According to ETF analyst Eric Balchunas, it was IBIT’s worst daily outflow to date.
He also noted that Bitcoin ETFs have lost $13.3 billion over the past month, representing about 3.5% of total assets under management. Despite the downturn, BlackRock’s IBIT still holds strong long-term momentum with $25 billion in year-to-date inflows, ranking sixth among all ETFs worldwide.
Ethereum ETFs also experienced pressure, but BlackRock’s products remain the industry leaders. IBIT continues to dominate Bitcoin ETF inflows, while ETHA stands as the top performer among Ether ETFs, reinforcing BlackRock’s strong market position even amid declining liquidity.
Macro Uncertainty Adds Pressure
The broader market environment remains fragile. Bitcoin continues to face selling pressure, and Ethereum’s liquidity remains weak. Investor sentiment is also being weighed down by macro uncertainty ahead of several major events, including Nvidia’s earnings report, FOMC meeting minutes, and new U.S. employment data.
Despite the large movements into Coinbase, analysts caution that these transfers do not necessarily indicate imminent selling. Instead, BlackRock may be preparing assets for ETF creation and redemption processes or making internal liquidity adjustments as market conditions shift.
