In the latest crypto update, BlackRock has carried out another major transfer involving assets tied to its spot cryptocurrency exchange-traded funds (ETFs). In the latest transactions, the leading asset manager moved approximately $10.07 million worth of Bitcoin and Ethereum to Coinbase Prime-linked wallets.
According to data from Onchain Lens, the world’s largest asset manager transferred 158.57 BTC, valued at $10.06 million, from a wallet associated with its iShares Bitcoin Trust (IBIT) to Coinbase Prime. In another transaction, it also moved 4.49 ETH, worth about $8,500, from its ETHB ETF wallet to a BlackRock Coinbase Prime address.
As with many institutional on-chain transactions, the transfers do not reveal BlackRock’s intentions. Such movements can occur for several routine reasons, including ETF share creations and redemptions, custody rebalancing, liquidity management, and internal operational settlements.
Consequently, the transfers should not automatically be interpreted as direct selling activity in the spot market. Institutional ETF issuers frequently move assets between custody wallets and Coinbase Prime as part of normal fund operations rather than outright liquidations.
Continues a Series of BlackRock ETF Transfers
The latest $10.07 million movement is relatively modest compared with several much larger transfers recorded in recent months.
Last month, CoinRemark reported that BlackRock transferred $147 million in Bitcoin and Ethereum to Coinbase Prime during another round of ETF-related wallet activity. We later covered an even larger $178 million transfer that coincided with persistent outflows from the firm’s IBIT and ETHA products. Furthermore, CoinRemark also reported a separate movement of roughly $425 million in Bitcoin to Coinbase Prime as spot Bitcoin ETF outflows accelerated.
Those earlier transfers similarly lacked definitive evidence of market sales, with analysts noting that such on-chain activity often reflects the operational mechanics behind ETF creations, redemptions, and custodial management rather than discretionary trading decisions.
Meanwhile, Bitcoin and Ethereum have staged modest recoveries from their recent lows, with BTC reclaiming the $64,000 mark and ETH moving back above $1,900. At press time, Bitcoin is up 1.70% over the past 24 hours, trading at $64,379, while Ethereum has gained 1.82% to $1,910.
Evans Kelvin
