Sell Off? BlackRock Deposits 93,158 ETH and 704 BTC Worth $446M to Coinbase Prime

BlackRock, the world’s largest asset manager, transferred a combined $446.02 million in Ethereum and Bitcoin to Coinbase Prime on Tuesday, according to data tracked by Lookonchain and Arkham Intelligence. The firm executed the transactions through its iShares Ethereum Trust (ETHA) and iShares Bitcoin Trust (IBIT) accounts to Coinbase Prime on Tuesday, coinciding with a broader market uncertainty.

BlackRock Moves $364M in Ethereum and $77.67M in Bitcoin

The on-chain data shows that ETHA started the transfers at 10:38 UTC, beginning with 3,158 ETH. Over the next eight minutes, the fund executed nine additional transactions of 10,000 ETH each with Coinbase Prime. In total, it deposited 93,158 ETH, valued at $368.35 million at the current market price of $3,954, to the leading US exchange. These movements reduced ETHA’s total Ethereum holdings to 4.093 million tokens, currently valued at approximately $16.19 billion.

Shortly after, at 10:49 UTC, IBIT completed three Bitcoin transactions totaling 703.736 BTC. Valued at $77.67 million, these transfers increased Coinbase Prime’s Bitcoin reserves while maintaining IBIT’s position as one of the largest institutional Bitcoin holders. Following the movement, the Bitcoin ETF’s total holdings stood at 802,591 BTC, valued at $89.19 billion.

Routine ETF Operations Behind the Transfers

The $446 million transfer occurred within roughly 11 minutes, reflecting routine fund operations associated with ETF management. Coinbase Prime acts as the custodian for both BlackRock products, providing infrastructure that enables secure digital asset transfers and liquidity balancing. Such deposits can precede redemptions, fund rebalancing, or routine custodial adjustments.

While these movements often attract speculation about possible sell-offs, the data indicate that they may simply represent operational flows rather than market exits. BlackRock’s use of Coinbase Prime ensures a smooth interaction between traditional finance and blockchain-based ETFs.

Ethereum Outflows, Bitcoin Inflows

The timing of the transfers aligns with mixed trends across the ETF market. Data from Farside revealed that Ethereum ETFs recorded outflows of $428.52 million on Monday, with ETHA accounting for $310.13 million. In contrast, Bitcoin ETF products experienced total outflows of $326.52 million, though BlackRock’s IBIT saw inflows of $60.36 million during the same period.

These contrasting fund flows display different investor behavior toward Bitcoin and Ethereum exposure. As ETF products expand in scale, such large transfers are expected to remain common as asset managers manage liquidity and maintain custodial accuracy across digital holdings.