BlackRock Moves $182M in Bitcoin and $91M in Ethereum to Coinbase Prime
BlackRock’s latest eight-hour removal of BTC and ETH from exchanges underscores significant portfolio shifts, echoing earlier large transfers that influenced crypto market volatility.
BTC
ETH
Summary
In the past eight hours, BlackRock removed 3,040 BTC worth $277.7 million and 61,359 ETH valued at $193.23 million from exchanges, according to Onchain Lens. This follows earlier activity where the asset manager boosted its holdings with $17.64 million in fresh BTC and ETH acquisitions and transferred $182 million in Bitcoin and $91 million in Ethereum to Coinbase Prime. Such large-scale movements have previously coincided with heightened volatility, including December 2023 transfers linked to ETF share redemptions that preceded sharp crypto price declines.
Terms & Concepts
- Ethereum (ETH): A decentralized blockchain platform enabling smart contracts (self-executing blockchain code) and decentralized applications (DApps).
- Bitcoin ETF: An exchange-traded fund that tracks the price of Bitcoin, allowing investors to gain exposure without directly holding the cryptocurrency.