BlackRock moves $182M in Bitcoin and $91M in Ethereum to Coinbase Prime

Key Takeaways

• BlackRock transferred around $182 million in Bitcoin and $91 million in Ethereum to Coinbase Prime.
• The assets were deposited into Coinbase Prime’s institutional custody and trading platform.

BlackRock sent 2,019 Bitcoin worth approximately $182 million and 29,928 Ethereum worth around $91 million to Coinbase Prime on Monday, according to blockchain data tracked by Arkham Intelligence.

Markets tend to pay close attention to the firm’s on-chain movements, which frequently are followed by large flows later in the day or in subsequent sessions.

BlackRock’s Bitcoin ETFs saw over $240 million in net outflows last week, while its Ethereum funds shed roughly $558 million without a single day of positive flows, per Farside Investors.

Crypto investment products lost $952 million in capital last week. The downturn ended a four-week streak of inflows, largely due to $555 million exiting Ethereum funds and $460 million from Bitcoin funds.

After dipping below $85,000 late last week, Bitcoin rebounded past $90,000 ahead of today’s US market open. The recovery boosted sentiment across the board, lifting the total crypto market cap by 1.5% to $3.1 trillion in the last 24 hours, per CoinGecko.