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Following
ETH BlackRock transferred 8700 Ethereum items to Coinbase, attracting market attention.
According to monitoring by Onchain Data Tracking Platform Onchain Lens, on July 10, BlackRock transferred 8700 ETH items (approximately US$15.81 million) in its wallet related to its spot Ethereum ETF to Coinbase Prime. The transfer attracted attention because it coincided with a significant reversal in the flow of ETF funds.
ETHA capital outflow ends five consecutive gains
According to SoValue data, BlackRock\'s ETHA ETF suffered a capital outflow of approximately US$12.67 million on July 9. At the same time, its ETF-related wallet also made an online transfer to Coinbase Prime. Data from Farside Investors showed that the U.S. spot Ethereum ETF had a net outflow of US$52.2 million on July 9, ending the previous five consecutive trading days of net capital inflows. Fidelity\'s FETH had a net outflow of US$34 million on the day, leading the decline; BlackRock\'s ETHA contributed an outflow of US$12.7 million.
The time point of this on-chain transfer provides the background for the above outflow data. When there is a net redemption in an ETF, fund managers usually need to liquidate some of the underlying assets. Moving ETH to a managed exchange such as Coinbase Prime is in line with this operating process, although BlackRock has not publicly commented on this specific transaction.
The broader ETF landscape
The July 9 reversal occurred after a brief recovery in Ethereum ETF products. Previously, the spot Ethereum ETF attracted a net inflow of US$70.48 million on July 8, extending the consecutive net inflow trading day to five days. However, the next day suddenly turned into outflow, highlighting the high sensitivity of institutional funds to short-term market conditions. The fluctuations in daily capital flows are consistent with the characteristics of ETFs in the early adoption stages-at this time, investors \'positions are still susceptible to the market environment and macro signals.
Despite the setback in a single day, institutions \'long-term interest in Ethereum has not changed. The amount of capital that ETHA continues to attract still exceeds that of most similar spot Ethereum products.
