BlackRock-Associated Wallets Transfer $430M in Bitcoin and Ether to Coinbase Prime

On-chain data shows significant bitcoin and ether movements linked to BlackRock’s spot ETFs, echoing earlier flows observed in January tied to creation and redemption activity.

Wallets associated with BlackRock’s spot bitcoin and ether exchange-traded funds routed over $430 million in crypto to Coinbase Prime in recent hours, according to Arkham on-chain data. This marks one of the largest ETF-related transfer clusters seen this week.

The transfers coincided with heavy outflows from U.S.-listed spot crypto ETFs, suggesting 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 saw $297.51 million in withdrawals, $250 million of which was tied to BlackRock, according to SoSoValue.

The transactions included approximately 3,070 bitcoin, valued at $276 million, and roughly 52,800 ether, worth about $157 million at current market prices. These transfers originated from addresses linked to 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, these movements are generally operational rather than direct spot market sales, though short-term volatility can occur 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 from BlackRock wallets, which coincided with a brief bitcoin rally above $92,000 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 similarly represents one of the largest regulated vehicles for ether exposure, making its on-chain activity closely monitored 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, as broader crypto markets attempted to stabilize following a volatile stretch driven by macro headlines and shifting risk sentiment.