Lookonchain
BlackRock transferred 4,984.56 BTC, worth roughly $295 million, and 30,725 ETH, worth about $48.58 million, to Coinbase Prime in fresh on-chain deposits tracked by market watchers on Tuesday. The flows hit a single address window and were confirmed via wallet-tracker screenshots circulated on X.
Why it matters
BlackRock is the issuer of the IBIT spot Bitcoin ETF and the ETHA spot Ether ETF, and Coinbase Prime serves as the primary custodian and prime-broker counterparty for both products. Large inbound transfers to Prime are read by traders as either ETF share-creation flow (issuer mints new shares backed by incoming tokens) or treasury rebalancing from spot ETFs to broader corporate wallets. The two assets moving in tandem is the notable signal.
Market impact
BTC and ETH spot prices were steady through the window of the deposits, with no immediate liquidation prints visible on Coinbase order books. Institutional desks treat steady, two-asset prime transfers as routine plumbing rather than a directional cue, but the data point lands on an unusually active week for Coinbase Prime inflows tied to ETF creation and redemption activity. The post to watch next: whether tomorrow's ETF creation/redemption basket prints a corresponding multi-asset mint, which would confirm these were creations rather than custody reshuffles.
Frequently asked questions
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Why is BlackRock depositing BTC and ETH to Coinbase Prime?
Coinbase Prime is the primary custodian and prime broker for BlackRock's spot BTC ETF (IBIT) and spot ETH ETF (ETHA). Inbound transfers of this size are typically read as ETF share-creation flow or broader custody rebalancing.
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Does this mean BlackRock is selling its BTC or ETH?
Not necessarily. Deposits into a custodian are plumbing, not a sale signal. On-chain deposits precede, but do not by themselves confirm, any sell-side activity; the confirmation comes from the next day's ETF creation/redemption basket.
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How much in dollar terms did BlackRock move in total?
The combined transfer was roughly $343.58 million: 4,984.56 BTC at approximately $59,200 per coin and 30,725 ETH at approximately $1,580 per coin.
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Did BTC or ETH price move on the news?
Both assets held steady through the deposit window with no immediate liquidation prints visible on Coinbase order books. Large institutional transfers are typically absorbed without headline price reaction.
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How does Coinbase Prime relate to spot ETFs?
Coinbase Prime provides custody, trade execution, and prime-broker services to multiple US spot crypto ETF issuers. Authorized Participants use the prime platform to mint and redeem ETF share baskets against the underlying tokens.
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