BlackRock Transfers 2,200 BTC and 2,417 ETH to Coinbase

TLDR

• BlackRock transferred 2,200 Bitcoin and 2,417 Ethereum to Coinbase in recent hours.
• The combined value of the transferred assets exceeded $153 million at the time of movement.
• Onchain Lens identified the transactions from wallets linked to BlackRock.
• Coinbase holds about 12 percent of global crypto assets and safeguards most U.S. spot crypto ETFs.
• BlackRock’s IBIT led weekly Bitcoin ETF inflows with $660 million in new investments.

BlackRock moved more than $153 million in Bitcoin and Ethereum to Coinbase within hours, according to on-chain trackers. Onchain Lens reported that the asset manager deposited 2,200 BTC and 2,417 ETH to the exchange. The transfers come as BlackRock continues to expand its crypto exchange-traded fund offerings.

Bitcoin Transfer Linked to BlackRock Activity

Onchain Lens reported that BlackRock transferred 2,200 BTC to Coinbase in recent hours. The firm valued the Bitcoin at about $149.13 million at the time of transfer.

The analytics platform stated that the transaction originated from wallets linked to BlackRock. It added that the funds landed on Coinbase, which holds a large share of global crypto assets.

Coinbase currently stores about 12% of all crypto assets worldwide. The exchange also safeguards the majority of U.S. spot crypto ETF holdings.

Arkham shared a BTC and ETH ETF update earlier this week. The data showed BlackRock as the largest buyer of Bitcoin ETFs over the past week.

Bitcoin ETFs recorded a weekly net inflow of $568.5 million. BlackRock’s iShares Bitcoin Trust, IBIT, attracted $660 million in inflows during that period.

Ethereum Transfer and ETF Developments

Onchain Lens also reported that BlackRock deposited 2,417 ETH to Coinbase. The Ethereum transfer carried an estimated value of $4.84 million at execution.

The combined Bitcoin and Ethereum deposits totaled more than $153 million. Onchain Lens stated that further deposits to Coinbase could follow.

Ethereum ETFs also posted positive weekly flows. The products recorded a net inflow of $23.5 million over the past week.

BlackRock’s iShares Ethereum Trust, ETHA, led Ethereum ETF inflows. The fund drew $133.2 million in new investments during the same period.

BlackRock has also advanced plans for its iShares Staked Ethereum Trust, which will trade under the ticker ETHB. The company updated its regulatory filing for the proposed product this week.

The latest filing revised the staking fee structure. BlackRock set the fee at 10% of rewards with a potential tiered discount.

The previous filing listed the staking fee at 18% of gross staking rewards. The updated terms reflect a lower cost structure for the planned ETF.

BlackRock filed for the staking product after the launch of its spot Ethereum ETF, ETHA. The company has not announced an official launch date for ETHB.

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