Over $430 Million in BTC and ETH Moved to Coinbase Prime from BlackRock-Linked Wallets

On-chain data reveals significant bitcoin and ether movements linked to BlackRock’s spot ETFs, mirroring earlier January flows tied to creation and redemption activity.

Wallets associated with BlackRock’s spot bitcoin and ether exchange-traded funds transferred more than $430 million in crypto to Coinbase Prime over the past several hours, according to Arkham. This represents one of the largest ETF-related transfer clusters observed this week.

The transfers occurred amid heavy outflows from U.S.-listed spot crypto ETFs, suggesting they were driven by redemptions rather than discretionary selling. Spot bitcoin ETFs posted $708.71 million in net outflows, including $356 million from BlackRock, while ether ETFs shed $297.51 million, with $250 million linked to BlackRock, according to SoSoValue.

The transactions included roughly 3,070 bitcoin, valued at $276 million, and about 52,800 ether, worth approximately $157 million at current market prices. These assets moved from addresses tied to BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), with Coinbase Prime as the destination.

Coinbase Prime is used by authorized participants and institutional clients to facilitate the creation and redemption of shares for U.S.-listed spot ETFs. Like previous transfers earlier this month, these flows are largely operational rather than spot-market sales, although short-term volatility can arise depending on hedging and settlement activity.

This activity follows a January 13 transfer of around $300 million in bitcoin and ether from BlackRock wallets, which coincided with a brief bitcoin rally above $92,000 during U.S. trading hours.

As of mid-January, IBIT remains the largest institutional holder of bitcoin, while ETHA is among the largest regulated vehicles for ether exposure, making on-chain activity closely watched during periods of market stress or recovery.

Ahead of U.S. market hours, bitcoin traded just under $90,000 and ether hovered near $3,000, as broader crypto markets sought to stabilize following a volatile period influenced by macro headlines and shifting risk sentiment.