BlackRock has moved over $123 million worth of Bitcoin and Ethereum to Coinbase Prime, as its crypto ETFs face year‑end outflow pressure, according to on‑chain data.
BlackRock has moved over $123 million worth of Bitcoin and Ethereum to Coinbase Prime, as its crypto ETFs face year‑end outflow pressure, according to on‑chain data.
Key Details
- Assets moved: BTC and ETH
- Value: $123M+
- Destination: Coinbase Prime
- Context: ETF redemptions and year‑end portfolio adjustments
Why This Matters
The transfer highlights BlackRock’s continued operational reliance on Coinbase Prime as both:
- Custodian for its spot crypto ETFs
- Execution and settlement venue for creations and redemptions
Coinbase Prime plays a central role in managing inflows and outflows tied to BlackRock’s ETF products, particularly during periods of heightened rebalancing.
Broader Context
BlackRock is now one of the largest institutional holders of Bitcoin globally, with a Bitcoin treasury exceeding $67 billion through its ETF and related products. Managing liquidity at this scale requires:
- Deep institutional custody
- Reliable settlement infrastructure
- Regulated U.S. counterparties
Coinbase Prime has emerged as the preferred partner for many ETF issuers meeting these requirements.
Market Implications
- ETF mechanics at work: Transfers to custodians often precede redemptions or rebalancing, not discretionary selling
- Infrastructure validation: Reinforces Coinbase Prime’s role as core plumbing for institutional crypto flows
- Short‑term pressure, long‑term signal: While outflows can weigh on spot prices near term, institutional infrastructure remains firmly in place
What to Watch
- Whether ETF outflows persist into the new year
- Subsequent on‑chain movements from custodial wallets
- Net flows across spot BTC and ETH ETFs
The move underscores that even amid short‑term ETF outflows, BlackRock’s crypto strategy remains deeply embedded in institutional‑grade, regulated infrastructure, with Coinbase Prime at the center of its settlement and custody operations.
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