ChainCatcher – On-chain data tracker lookonchain reports that a BlackRock-linked address has just deposited 4,984.56 Bitcoin (worth ~$295 million) and 30,725 Ethereum (worth ~$48.58 million) into a Coinbase Prime address. The combined value of these two transactions is approximately $344 million.
It remains unclear whether the deposit is for custody, staking, trading, or other purposes. However, such a massive inflow to an exchange prime platform is often interpreted as a bearish signal, especially given BlackRock's significant holdings in its spot Bitcoin ETF (IBIT) and spot Ethereum ETF. Market participants are closely watching for any subsequent movements or sell-offs from Coinbase Prime.
On-chain data indicates that the transferred BTC and ETH originated from BlackRock's custodial wallets with long holding periods. The concentrated transfer is rare in recent institutional actions and could trigger short-term price volatility.