On-chain data tracked by Arkham reveals that wallets linked to BlackRock’s spot bitcoin and ether ETFs routed more than $430 million worth of crypto to Coinbase Prime over the past several hours—one of the largest ETF-related transfer clusters this week.
Transfer Details: 3,070 BTC + 52,800 ETH
The transactions included roughly 3,070 bitcoin (valued at $276 million) and about 52,800 ether (worth approximately $157 million) at prevailing market prices. Funds originated from addresses associated with BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), with Coinbase Prime listed as the destination.
ETF Outflows Converge
On the same day, U.S.-listed spot crypto ETFs logged heavy net outflows. Per SoSoValue, spot bitcoin ETFs saw $708.71 million in net outflows, with $356 million from BlackRock; ether ETFs shed $297.51 million, $250 million tied to BlackRock. The transfer sum aligns closely with redemption-driven settlement rather than discretionary selling.
Coinbase Prime’s Role and Historical Context
Coinbase Prime serves authorized participants and institutional clients for share creation and redemption of spot ETFs. A similar move occurred on January 13, when BlackRock-linked wallets transferred roughly $300 million in BTC and ether—coinciding with a brief bitcoin push above $92,000 during U.S. hours. Analysts view such transfers as operational flows, though short-term volatility can arise from hedging by authorized participants.
As of mid-January, IBIT remains the largest institutional bitcoin holder with hundreds of thousands of BTC, while ETHA is among the top regulated ether vehicles. Bitcoin traded just under $90,000 ahead of U.S. market hours, with ether near $3,000, as broader crypto markets attempt to stabilize after volatile macro-driven swings.