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BTC 
ETH BlackRock transfers Bitcoin and Ethereum to Coinbase Prime
BlackRock transferred 249.16 bitcoins (worth approximately US$15.65 million) and 301.76 Ethereum (worth approximately US$566,000) from its exchange-traded fund wallet, and the funds flowed to Coinbase Prime. The transfer was completed through its iShares Bitcoin Trust and iShares Ethereum Trust, and the online recording time was approximately 3 hours before the release of this report.
Normal operating mechanism
This transfer complies with the standard operating procedures of the ETF. Coinbase Prime, as a qualified custodian of the BlackRock Crypto ETF, is responsible for securely holding relevant digital assets and facilitating transactions to maintain the match of the fund's share price and net asset value. This type of transfer is the basic link in the creation, redemption and portfolio rebalancing of ETF shares: when strong investor demand leads to the creation of new shares, the underlying encrypted assets need to be transferred to the corresponding escrow account; when shares are redeemed, the reverse operation is carried out. Coinbase Prime provides custody, clearing and trading services to institutional customers, and transferring assets to the platform does not automatically mean an immediate sale.
BlackRock made it clear in its application that such transfers are intended to adjust ETF reserves for settlement and net worth calculations.
Normalized Model for Institutional Fund Flows
In January 2026 alone, BlackRock transferred more than $300 million in cryptocurrency to Coinbase Prime, and between 2025 and 2026, the size of a single transaction often exceeded $100 million. These transfers have become routine, occur frequently, and continue to grow in amounts, indicating that the institutional infrastructure of crypto assets has matured beyond the experimental stage. Analysts on the chain generally characterize such transfers as standard ETF-related capital flows rather than directional market bets-Bitcoin and Ethereum did not experience significant price fluctuations after similar deposits, further confirming this interpretation.
Large fund management companies often shift positions between custodians to meet operational and liquidity needs. Despite this, BlackRock's frequent transfers have sparked market speculation, as similar wallet movements have previously accompanied ETF redemptions. Although today's transfers are smaller than some operations in the past, they are also part of the well-documented routine operating model that has been defined since the launch of its spot crypto ETF product.
