BlackRock moves BTC and ETH to Coinbase, sparking market speculation
BlackRock, the world’s largest asset manager, has transferred roughly $170 million worth of Bitcoin and Ethereum to Coinbase Prime, a move that has reignited speculation about institutional positioning as the crypto market remains under pressure. The transfers come at a time when both major digital assets are trading well below recent highs, amplifying investor sensitivity to large onchain movements by major funds.
Data tracked by Arkham Intelligence shows the transactions involved a mix of BTC and ETH sent to Coinbase Prime, BlackRock’s primary crypto trading and custody partner. While the firm regularly uses the exchange for operational purposes, such transfers have historically coincided with portfolio rebalancing or sales, adding to market unease amid a broader downturn, CoinGape reports.
Large transfers add to market jitters
The latest move follows a pattern observed in recent months. In late January, BlackRock transferred about $600 million in Bitcoin and Ethereum to Coinbase, after which combined outflows of roughly $142 million were recorded the next day. Market participants have therefore questioned whether the new $170 million transfer signals another round of selling or routine liquidity management.
Analysts note that not all transfers necessarily indicate liquidation. BlackRock’s exchange-traded funds have continued to see intermittent inflows, suggesting that some assets moved to Coinbase may also be used for purchases or internal fund operations. Still, with Bitcoin trending lower, the timing has fueled speculation about further downside risk.
Other institutions have made similar moves. GameStop Holdings recently shifted its entire Bitcoin position—worth about $450 million at the time—to Coinbase, a transfer that came after the value of its holdings had fallen by roughly $70 million from the initial purchase price.
Bitcoin ETF assets drop below $100B
The transfers coincide with a notable contraction in the U.S. spot Bitcoin ETF market. According to data from SoSoValue, total assets under management for Bitcoin ETFs have fallen to around $97 billion, marking the first time the figure has dipped below $100 billion since April 2025. ETF assets had peaked near $168 billion in October before a sustained period of outflows.
The decline has occurred even after a brief rebound that saw $561 million in net inflows, underscoring persistent volatility. Bitcoin is currently trading below the estimated ETF creation cost of about $84,000, though some analysts argue that this alone is unlikely to trigger forced selling.
Despite near-term pressure, BlackRock continues to expand its crypto offerings, recently filing for a Bitcoin Premium Income ETF that it plans to list on Nasdaq.
Read also: Senate Democrats restart talks on stalled crypto CLARITY Act
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