On-chain data monitoring platform Onchain Lens reported that asset management giant BlackRock has just executed two large on-chain transfers, depositing 900 Bitcoin and 17,511 Ether to Coinbase. Based on current market prices, the Bitcoin portion is valued at approximately $62.55 million and the Ether portion around $34.57 million, totaling nearly $100 million.
The report also indicated that BlackRock may continue to transfer more assets to Coinbase in the near term, highlighting heightened on-chain activity from the firm. As one of the major issuers of Bitcoin spot ETFs, BlackRock's fund flows to and from exchanges are closely watched by market participants as a key reference.
BlackRock, the world's largest asset manager with over $10 trillion in assets under management, received SEC approval in January 2024 to launch its IBIT Bitcoin spot ETF, with Coinbase serving as the ETF's custodian. Since then, frequent on-chain interactions between the two entities have become a closely tracked signal for the crypto market.