$270 Million Transfers from BlackRock Wallets to Coinbase; Bitcoin and Ethereum Faces Potential Sell-off

Recent transfers from wallets associated with BlackRock have moved approximately $270 million in Bitcoin and Ethereum to Coinbase Prime. This development raises concerns about a potential sell-off in the cryptocurrency markets. The transactions involved 2,019 BTC valued at around $181.7 million and 29,928 ETH worth about $91.3 million, segmented across multiple deposits, a common practice among institutional investors.

Key Takeaways

BlackRock-linked wallets transferred $270 million in Bitcoin and Ethereum to Coinbase Prime.
The transfers include 2,019 BTC and 29,928 ETH.
Deposits were split across multiple transactions, typical for institutional trades.
Coinbase Prime serves as a platform for institutions, offering custody and trading services.
The timing aligns with declining ETF inflows in the U.S., raising concerns over market stability.

BlackRock Wallets Transfer Funds to Coinbase

Main Content

Wallets associated with BlackRock have transferred around $270 million to Coinbase Prime, as evidenced by on-chain transfer screenshots from Lookonchain and Arkham. This notable activity comprises 2,019 BTC, valued at approximately $181.7 million, and 29,928 ETH, which is worth about $91.3 million. Rather than conducting a single large transfer, the assets appear to have been divided into several smaller deposits, which is a typical approach for institutional actions.

On the Ethereum side, Arkham’s transfer observation highlights three significant transfers: 10,000 ETH, 9,928 ETH, and another 10,000 ETH, originating from wallets tied to BlackRock's Ethereum ETF initiative. For Bitcoin, repeated deposits of 300 BTC along with a 219.392 BTC entry were noted, reflecting connections to BlackRock’s Bitcoin ETF.

Coinbase Prime is tailored for institutional clients, providing an integrated platform for custody, over-the-counter (OTC) execution, and exchange access. Unlike regular public trades, the deposits in Prime allow assets to be prepared for sales, utilized as collateral for derivatives, or employed in the creation and redemption processes of ETFs.

The timing of these transfers coincides with a reduction in ETF inflows, illustrated by data from SoSoValue. As per the U.S. Bitcoin spot ETF statistics, the daily net outflow was reported at $158.25 million last Friday, with the IBIT Bitcoin ETF experiencing the largest outflow, totaling $173.58 million. Furthermore, weekly data as of December 19, 2025, indicates a cumulative net outflow of $497.05 million. However, despite these outflows, cumulative net inflows remain above $57.41 billion, and total net assets are nearing $114.87 billion.

According to a TradingView snapshot, Bitcoin (BTC) was trading around $90,298 after experiencing an intraday increase from the high $87,000s. With a negative flow trend along with rising Prime deposits, the market might interpret each new batch of assets as potential sell-side pressure unless demonstrated otherwise.