BlackRock-linked wallets move over $430 million in bitcoin, ether to Coinbase Prime

Wallets linked to BlackRock’s spot bitcoin and ether exchange-traded funds routed more than $430 million worth of crypto to Coinbase Prime over the past several hours, according to onchain data tracked by Arkham, marking one of the largest ETF-related transfer clusters this week.

These transfers came as U.S.-listed spot crypto ETFs saw heavy outflows on the day, pointing to redemption-driven settlement rather than discretionary selling.

Spot bitcoin ETFs recorded $708.71 million in net outflows, including $356 million from BlackRock, while ether ETFs shed $297.51 million, with $250 million tied to BlackRock, per SoSoValue.

The transactions included roughly 3,070 bitcoin, valued at $276 million, alongside about 52,800 ether worth approximately $157 million at prevailing market prices.

The transfers originated from addresses associated with BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), with Coinbase Prime listed as the destination.

Coinbase Prime is used by authorized participants and institutional clients to facilitate the creation and redemption of shares for U.S.-listed spot ETFs.

As with similar transfers earlier this month, the movements are generally linked to operational flows rather than direct spot market selling, though they can coincide with short-term volatility depending on how authorized participants hedge or settle exposure.

The latest activity follows a January 13 transfer of roughly $300 million in bitcoin and ether tied to BlackRock wallets, which coincided with a brief push above $92,000 for bitcoin during U.S. trading hours.

As of mid-January, BlackRock’s IBIT remains the largest institutional holder of bitcoin, with hundreds of thousands of BTC held on behalf of clients. ETHA also represents one of the largest regulated vehicles for ether exposure, making its on-chain activity closely watched during periods of market stress or recovery.

Bitcoin was trading just under $90,000 ahead of U.S. market hours, while ether hovered near $3,000, with broader crypto markets attempting to stabilize after a volatile stretch driven by macro headlines and shifting risk sentiment.