BlackRock has received Bitcoin and Ethereum totaling $364.6 million from Coinbase Prime in the past hour. On-chain analytics firm Lookonchain reported the transfers that moved the assets from Coinbase Prime hot wallets to BlackRock-linked ETF wallets. They thus highlight continued institutional activity across both Bitcoin and Ethereum.
BlackRock Receives 3,741 BTC and 41,075 ETH
On-chain tracking shows multiple transfers from Coinbase Prime to wallets associated with BlackRock’s exchange-traded funds. The transfers included 3,741 BTC, valued at approximately $272.5 million, and 41,075 ETH, valued at roughly $92.1 million.
The transactions occurred within a short time frame, with several 300 BTC and 10,000 ETH tranches moving within the hour. Data from Arkham Intelligence also showed the funds flowing into wallets labeled for BlackRock’s IBIT Bitcoin ETF and ETHA Ethereum ETF. Farside data shows both ETFs saw major inflows this week, with IBIT raking in $474.5 million in net inflows. ETHA saw $114.6 million in the same period.
Institutional investors commonly use Coinbase Prime for custody and execution services, particularly for ETF-related transactions. As a result, transfers from Coinbase Prime into ETF wallets are often interpreted as signals of institutional positioning. Additionally, institutional flows are closely watched because they can influence market liquidity and sentiment, particularly when they occur in large amounts within short time frames.
How This BlackRock Initiative May Drive Long-Term Growth for Ethereum: Analyst
BlackRock’s latest activity in Bitcoin and Ethereum underscores how institutional participation in crypto markets is expanding. Earlier this week, Morgan Stanley’s asset management division made an entry into the Spot Bitcoin ETF pool with MSBT. The ETF was introduced to satisfy Morgan Stanley’s institutional clientele’s hunger for a regulated Bitcoin product and is already seeing traction.
Bitcoin and Ethereum Price Action
The transfer comes as Bitcoin trades around the $72,900 range, following recent volatility driven by geopolitical developments and institutional activity. Ethereum is also trading near the $2,250 level, as network activity recently reached all-time highs according to CryptoQuant data.
Recent developments across both assets, including stablecoin liquidity growth and institutional inflows, have contributed to increased market attention. Large transfers into ETF-linked wallets may further strengthen investor sentiment if followed by sustained demand.
While such transfers do not automatically signal immediate price movement, they often reflect underlying institutional activity that can influence market trends over time.
BlackRock’s DeFi and ETF Tokenization Push Fuels New Bullish Crypto Narrative
Temitope Olajide
The CoinRemark Team
