Bitcoin traded above $92,000 in early New York hours on Tuesday as wallets associated with BlackRock’s spot crypto exchange-traded funds sent roughly $300 million in bitcoin and ether to Coinbase Prime, a platform commonly used by authorized participants and institutional clients for ETF-related settlement.
On-chain transfers showed 3,290 BTC and 5,692 ETH moving to Coinbase Prime
Blockchain trackers identified transfers of about 3,290 BTC, valued at roughly $298 million, alongside 5,692 ETH, worth about $18 million. Coinbase Prime is used to source or redeem coins tied to ETF shares, so flows of this kind can be linked to client rebalancing, redemptions, or subscription settlement. They do not automatically point to direct spot selling.
Price action turned attention back to the $95,000 area
Bitcoin had been building on an early-year rebound after a volatile end to December. Since Monday evening, BTC moved above $92,000, and traders were watching whether the advance could stretch toward last week’s highs near $95,000 once full U.S. liquidity returned. It was last changing hands around $91,830.
Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin had moved beyond $92,000 since Monday evening and was trying to reclaim levels seen a week earlier. He added that it would be premature to read the move as lasting risk appetite while the price remained below the previous local highs of $95,000.
ETF flows remain central to short-term market direction
Market participants have kept a close watch on ETF creation and redemption activity after tax-related selling and year-end book cleanup weighed on crypto late in December. The question now is whether share creation resumes as January risk appetite steadies.
As of Jan. 12, BlackRock’s iShares Bitcoin Trust (IBIT) held about 773,898 BTC, making it the largest BTC holder among asset managers. Clients have added to positions steadily since the fund launched in early 2024, and IBIT remains the main institutional vehicle for bitcoin exposure in the U.S. BlackRock’s iShares Ethereum Trust (ETHA) also holds a large ether position, with total net assets of about $10.8 billion as of Monday, representing close to 2.9% of ether’s circulating supply.