BlackRock moved over $670 million in Bitcoin and Ethereum to Coinbase Prime on Monday, according to data from Coin market cap.
The company transferred 6,918 Bitcoin, worth about $539 million, and 58,327 Ethereum, worth around $133 million, to Coinbase’s institutional platform.
These transfers are part of how BlackRock’s spot Bitcoin ETF (IBIT) and Ethereum ETF work.
The ETFs use special processes called creation and redemption, which sometimes require holding crypto with a secure platform like Coinbase Prime. This helps the ETFs manage large investments and keep their holdings balanced.
Large transfers like this do not always mean that BlackRock will sell its crypto. They are often routine steps needed to manage ETFs and make sure everything runs smoothly.
The timing of the transfer is notable because the crypto market has been volatile. Bitcoin recently dropped below $75,000 after a weekend sell-off, making investors cautious. People are watching large institutional movements closely for signs of what might happen next.
Last week, BlackRock’s Bitcoin ETF had a large outflow of $528 million in one day, its biggest single-day redemption since it started.
Overall, all US spot Bitcoin ETFs had $1.5 billion in outflows for the week, showing that some investors are taking money out.
Even with these movements, analysts say that institutional interest in crypto is still strong.
Transfers like this are normal for large investment funds and do not necessarily signal a sell-off. They are part of managing ETFs and keeping the market running efficiently.
