BlackRock moves $500M in crypto to Coinbase Prime

BlackRock transferred over $500M in Bitcoin and Ethereum to Coinbase Prime, linked to ETF operations and internal fund management, not immediate sales.

BlackRock recently transferred 5,847 Bitcoin, valued at around $450 million, to Coinbase Prime through 20 separate transactions. This move drew significant attention from traders and analysts, especially as it coincided with Bitcoin stabilizing near $77,000 after a sharp dip. Coinbase Prime acts as the custody and trading platform for BlackRock’s iShares Bitcoin Trust (IBIT), which has grown to nearly $63 billion in assets since its January 2024 launch. The transfers are widely seen as part of IBIT’s internal fund management, such as portfolio rebalancing or ETF redemptions, rather than immediate market sales. Additionally, BlackRock moved 26,269 Ethereum, worth about $55.4 million, to Coinbase Prime, bringing the total crypto transfer to over $500 million. These actions align with significant outflows from BlackRock’s crypto ETF products and are typically linked to operational mechanics, not direct selling pressure.