BlackRock moved 2,700 Bitcoin (valued at approximately $161 million) and 41,996 Ethereum ($65.2 million) to its Coinbase Prime wallet on Wednesday, according to blockchain intelligence data. The combined transfer totaled roughly $226 million and marks a significant custody repositioning by the world's largest asset manager.
The BlackRock transfer coincided with broader outflows from cryptocurrency spot ETFs across the market. Bitcoin ETFs recorded $696.29 million in net outflows, while Ethereum ETFs saw $81.87 million exit the products. Smaller-cap assets including Solana, Hyperliquid, and other tokens experienced additional withdrawal pressure, though major holdings in XRP, Avalanche, Polkadot, Chainlink, BNB, Dogecoin, Hedera, and Litecoin registered zero net flows for the trading session.
The move underscores institutional custody strategies as digital asset managers continue to navigate regulatory frameworks and operational infrastructure. Coinbase Prime, the exchange's institutional custody solution, has become a hub for large asset managers managing substantial crypto portfolios. BlackRock's action signals ongoing institutional engagement with digital assets despite recent ETF redemption trends affecting the broader market.