Onchain analytics firm Onchain Lens reported that BlackRock, the world's largest asset manager, deposited a massive amount of Bitcoin and Ethereum into Coinbase, with a total value exceeding $247 million.
The transfer involved 2,268.02 BTC (approx. $155.96 million) and 45,234 ETH (approx. $91.78 million). Onchain Lens noted that BlackRock "is likely to deposit more," suggesting this is not a one-off move.
ETF Address to Coinbase Prime Pipeline
BlackRock holds its crypto exposure through the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). When investors redeem shares from these spot ETFs, the fund must move the underlying assets to Coinbase Prime, the designated custody and trading platform, to fulfill sale or redemption orders.
Arkham Intelligence wallet data confirms the funds originated from IBIT and ETHA-associated addresses and landed in Coinbase hot wallets. Such large inflows from ETF-linked wallets to an exchange are widely interpreted as preparation for liquidation.
BlackRock has not commented on the move. However, the crypto community typically sees large Coinbase deposits as a bearish signal, since Coinbase Prime serves as a primary off-ramp for institutional selling. Similar transfers in the past have preceded short-term price declines.
Analysts suggest this may reflect a shift toward risk-off sentiment among institutional investors, especially amid ongoing macroeconomic uncertainty. Continued inflows from BlackRock could add further downward pressure on BTC and ETH.
As of press time, Bitcoin trades at $68,700 and Ether at $3,500, down 1.2% and 1.8% respectively in the past 24 hours. Market participants are closely watching BlackRock wallet addresses for any further transfers.