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BlackRock Moves $98.16 Million in Bitcoin and $26.27 Million in Ether to Coinbase

According to Onchain Lens, BlackRock transferred 1,224 Bitcoin and 11,475 Ether to a Coinbase address, while separate reports described the same asset amounts as client sales, leaving the purpose of the moves unclear.

BTC

Fact Check
The core factual claim — that BlackRock transferred 1,224 BTC ($98.16M) and 11,475 ETH ($26.27M) to a Coinbase address — is directly confirmed by the original @OnchainLens post (the named source in the claim), which used exactly those figures and linked to Arkham Intelligence blockchain data. The claim also accurately notes that separate reports described the same amounts as 'client sales': @WhaleInsider used the same BTC quantity (1,224 BTC) but framed it as client redemptions and cited a slightly different dollar value ($98.02M vs $98.16M, likely due to price timing). The claim's acknowledgment that 'the purpose of the moves is unclear' is well-supported by @ColdEdgeTrader's analysis distinguishing Coinbase Prime Deposits (custody/ETF mechanics) from spot selling, and by the KuCoin article showing this is a recurring pattern tied to ETF operations. The minor dollar discrepancy between sources ($98.16M vs $98.02M) reflects real-time price differences and does not undermine the claim. No source contradicts the on-chain transfer itself.
Summary

According to Onchain Lens, BlackRock transferred 1,224 Bitcoin worth about $98.16 million and 11,475 Ether worth about $26.27 million to a Coinbase address. Separate market updates described the same amounts as BlackRock client sales, valuing the Bitcoin at $98.02 million and the Ether at $26.31 million. The overlapping asset quantities suggest the reports refer to the same event, but the characterization differs: one version describes on-chain transfers to Coinbase, while the other frames them as client sales without transaction details. Onchain Lens also indicated that additional transfers may follow.

Terms & Concepts
  • Bitcoin: The largest cryptocurrency by market value, commonly used as a benchmark asset in the digital currency market.
  • Ether: The native token of Ethereum, used to pay network fees and interact with smart contracts (self-executing blockchain code).
  • On-chain data: Transaction information recorded on a blockchain, allowing transfers between wallets to be tracked publicly.