BlackRock Transfers $297M in Bitcoin and Ethereum to Coinbase Prime

TLDR

• BlackRock transferred $195 million worth of Ethereum and $101 million in Bitcoin to Coinbase Prime on Tuesday.
• The move reflects significant institutional activity as BlackRock’s ETF-linked wallets drive large-scale deposits.
• BlackRock made three separate transfers of 300 BTC each, totaling 900 BTC, to Coinbase Prime.
• Despite Ethereum’s strong price performance, BlackRock’s Ethereum ETF saw large outflows of $192.7 million.
• In contrast, BlackRock’s Bitcoin ETF recorded fresh inflows of $25.48 million, signaling strong demand for Bitcoin.

BlackRock executed large transfers of Bitcoin and Ethereum on Tuesday, signaling the firm’s dominance in institutional crypto activity. The firm’s ETF-linked wallets moved 900 BTC, worth $101.67 million, and 44,774 ETH, valued at $195.29 million. These deposits were directed to Coinbase Prime, a major custodian for large institutional inflows.

Bitcoin Moves Highlight Institutional Activity

BlackRock made three separate transfers of 300 BTC each, totaling 900 BTC. These transfers moved Bitcoin into Coinbase Prime, confirming the institutional appetite for regulated digital asset exposure. The firm’s Bitcoin ETF, IBIT, recorded fresh inflows of $25.48 million on the same day.

The consistent capital inflow to IBIT underscores Bitcoin’s solid institutional demand. BlackRock’s Bitcoin ETF surpassed $90 billion in assets under management recently. This surge reflects growing confidence among institutional investors in Bitcoin, despite broader market fluctuations.

Ethereum Transfers Echo Institutional Shifts

In contrast to Bitcoin, Ethereum saw mixed activity. BlackRock transferred 44,774 ETH, worth $195.29 million, to Coinbase Prime, highlighting a shift in institutional sentiment. This transfer coincided with significant outflows from Ethereum ETFs, particularly from ETHA, which saw redemptions of $192.7 million.

Ethereum’s price has been strong recently, climbing 1.11%. However, the large withdrawals raise questions about whether they reflect profit-taking or a strategic reallocation into other assets. While Ethereum’s price has outperformed Bitcoin in recent months, its ETF flows tell a different story.

BlackRock Drives Strong Bitcoin Demand Despite Ethereum Outflows

The movement of assets into and out of Ethereum ETFs indicates diverging sentiment. While IBIT’s Bitcoin ETF experienced inflows, ETHA’s Ethereum ETF faced significant outflows. Fidelity’s FETH ETF recorded a smaller, but notable, inflow of $75.15 million, contrasting with the large Ethereum redemptions.

Despite the price strength of Ethereum, the large outflows suggest caution among institutional investors. This shift mirrors the broader trend of institutional investors rotating between crypto assets. BlackRock’s significant moves, however, highlight its continued influence in both the Bitcoin and Ethereum markets.

Overall, BlackRock’s recent transfers underscore the growing complexity of institutional crypto activity. The contrasting performance of Bitcoin and Ethereum ETFs highlights investor divergence, with Bitcoin showing stronger momentum than Ethereum.

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