Addresses attributed by on-chain analytics to BlackRock shifted a large batch of Ethereum (ETH) and Bitcoin (BTC) to Coinbase Prime, with multiple trackers estimating the transfer value in the hundreds of millions of dollars. Several snapshots from the last 24–48 hours show moves in the ballpark of $250M–$310M in ETH alongside $30M–$110M in BTC, depending on the timestamp and price basis used, reinforcing reports of “nearly $300M” routed to Coinbase’s institutional platform.
Key points
- What happened: On-chain monitors such as Onchain Lens, Arkham, and Lookonchain flagged sizable transfers from BlackRock-linked wallets to Coinbase Prime. One widely shared update cited $312M and $30M; another showed $254M plus $112M within hours. Values vary with crypto prices and the specific block windows used.
- Venue & context: Coinbase Prime is BlackRock’s custodian/trading venue for its spot ETF operations, frequently appearing in creation/redemption logistics and large block execution.
- Why it matters: Sizeable transfers to a prime broker often precede liquidity events (sales, rebalancing, or ETF-related flows), though attribution is probabilistic and doesn’t guarantee immediate market impact.
Market reaction
The news coincides with choppy order books but no decisive trend break in the majors as of press time. Prior episodes of BlackRock-linked flows have aligned with ETF creation/redemption dynamics or portfolio shifts, rather than standalone directional calls. (Recent coverage also documented earlier August waves—e.g., 101,975 ETH and 2,544 BTC—moved to Coinbase Prime over multiple tranches.)
How on-chain attributions work (and the caveats)
Analytics firms cluster addresses based on historical interactions with ETF cold storage, AP routers, and exchange deposit patterns. While these methods are well-established, wallet labels are not official confirmations from BlackRock, and transfers to Coinbase Prime can reflect routing for custody, settlement, or ETF share creation/redemption—not necessarily discretionary “buy/sell” decisions.
What to watch next
- ETF flow prints: Net creations/redemptions for BlackRock’s IBIT (Bitcoin) and its ETH counterpart remain the cleanest signals of sustained allocation changes.
- Follow-up wallet activity: Additional deposits/withdrawals or batched tranches (10k-ETH or 300-BTC style lots) would clarify if this is a single event or part of an ongoing sequence.
- Macro catalysts: With traders focused on inflation and policy path, liquidity needs from ETF flows can amplify volatility into data releases.
