BlackRock Moves About $285 Million in Bitcoin and $22.42 Million in Ethereum to Coinbase as Spot ETFs See Outflows
BlackRock deposited significant amounts of BTC and ETH into Coinbase amid ongoing shifts in ETF assets, reflecting broader trends in institutional crypto holdings.
BTC
ETH
Summary
On January 12, BlackRock transferred 3,143 BTC valued at $285 million and 7,204 ETH worth $22.42 million to Coinbase, continuing its pattern of large transfers linked to ETF-associated addresses. These movements come alongside $681 million in net outflows from Bitcoin spot ETFs between January 5 and 9, with BlackRock’s IBIT seeing gains while other ETFs, such as Fidelity’s FBTC and Grayscale’s GBTC, experienced losses.
Terms & Concepts
- Spot ETF: An exchange-traded fund that directly holds the underlying asset, such as Bitcoin or Ethereum, rather than using derivatives.
- Outflows: Net withdrawals from an investment product, indicating that more assets are leaving than entering over a given period.
- Coinbase: A major U.S.-based cryptocurrency exchange and custody platform used by institutional and retail investors.