BlackRock Deposits $391 Million in Bitcoin to Coinbase Prime

A recent large-scale Coinbase Prime withdrawal by BlackRock adds to significant institutional crypto flows, reflecting evolving asset management strategies.

BTC
ETH

Fact Check
The assessment of "likely_true" with high confidence is based on strong, direct evidence supporting a significant portion of the claim, even though the full details are not completely verified by the provided sources.The most critical piece of evidence comes from a highly relevant article (Relevance: 0.80) which reports that on-chain watchers observed wallets labeled as belonging to BlackRock sending over $176 million in Ethereum to Coinbase Prime. This directly corroborates the core elements of the statement: the actor (BlackRock), one of the assets (Ethereum), the destination (Coinbase Prime), and a very large monetary value.While this source only confirms $176 million of the stated "over $464 million" and does not mention Bitcoin, its existence makes the overall claim highly plausible. The total figure in the original statement could be an aggregation of multiple transactions, including a Bitcoin transfer that is not covered in the provided summaries. The existence of highly authoritative on-chain analysis firms like Arkham Intelligence further supports the credibility of this type of data being reported.The other sources are largely irrelevant. Several are about unrelated topics such as tokenized stocks or transfers by other firms (MARA Holdings), one is a broken link, and others contain no relevant information. Importantly, none of the sources directly contradict the claim that BlackRock made such a transfer. Therefore, because a substantial part of the claim is directly supported by evidence, and there is no conflicting evidence, the statement is assessed as likely true. The uncertainty is primarily related to the exact total amount and the inclusion of Bitcoin, which are not substantiated by this specific set of sources.
    Reference123
Summary

On November 27, Lookonchain reported that BlackRock withdrew 953 BTC valued at $83.43 million and 15,722 ETH worth $46.24 million from Coinbase Prime in under 20 minutes. This follows an earlier deposit of 4,471 BTC valued at $390.8 million from its IBIT wallet. Previous transactions include multi-hundred-million-dollar BTC and ETH transfers on November 24 and 25, as well as substantial trades by Grayscale earlier in the month. Combined institutional deposits and withdrawals through Coinbase Prime now exceed $2 billion, underscoring its central role in institutional crypto trading and custody.

Terms & Concepts
  • Coinbase Prime: An institutional platform by Coinbase designed for large-scale cryptocurrency trading, custody, and financing.
  • BTC: Ticker symbol for Bitcoin, the first and largest cryptocurrency by market capitalization.
  • ETH: Ticker symbol for Ether, the native cryptocurrency of the Ethereum blockchain, used for transactions, smart contracts, and decentralized applications.