On-chain tracking account @OnchainLens reported today that BlackRock's Bitcoin ETF (IBIT) and Ethereum ETF (ETHA) addresses moved approximately 2,200 BTC (worth about $149 million) and 2,417 ETH (worth about $4.84 million) to Coinbase Prime deposit addresses. The account also hinted that further transfers might follow.
Batch Transfers in 300 BTC Chunks
According to Arkham Intelligence's on-chain records, the transfers were executed in batches of 300 BTC each, all flowing to addresses labeled as Coinbase Prime deposit. Such movements from ETF custodial wallets to exchange addresses are typically interpreted as a preparatory step for institutional ETF redemptions or position adjustments, potentially adding sell pressure on spot prices.
It's worth noting that the block media cannot independently verify BlackRock's specific intentions, and investors should remain cautious as no official confirmation has been released yet.