BlackRock transfers 8,700 ETH to Coinbase Prime

BlackRock moved 8,700 ETH (~$15.81M) to Coinbase Prime amid major outflows from its ETHA ETF and broader Ethereum ETF withdrawals.

BlackRock recently transferred approximately 8,700 ETH, valued at about $15.81 million, from wallets linked to its Ethereum ETF to Coinbase Prime. This significant blockchain transaction, reported by Onchain Lens and other analytics platforms, occurred alongside notable net outflows from BlackRock’s ETHA ETF, which saw a withdrawal of 7,240 ETH (around $12.67 million) on July 9. The move reflects a broader trend of declining capital inflows and increasing outflows from Ethereum ETFs. On the same day, total net outflows across these funds reached $52.08 million, largely driven by withdrawals from Fidelity’s FETH fund. While the specific reason for BlackRock’s transfer remains undisclosed, its timing and scale have drawn attention from institutional traders and market analysts. The transaction highlights ongoing volatility and cautious sentiment in the Ethereum ETF sector. Coinbase Prime, the recipient, is known for its institutional-grade custody and trading services.