Recent on-chain activities by asset management giant BlackRock have drawn significant market attention. According to the latest information released by the on-chain data analysis account OnchainLens on the X platform, BlackRock-related addresses transferred a large amount of Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime Deposit, the institutional-grade custody platform of cryptocurrency exchange Coinbase, within a short period.
A large-scale transfer of ETFs under its management has raised market concerns about potential selling pressure.
According to screenshots of tracking records from blockchain data platform Arkham Intelligence, the transfers primarily originated from BlackRock's Bitcoin Spot ETF (IBIT) and Ethereum Spot ETF (ETHA).
Regarding Bitcoin, BlackRock transferred funds in batches of 300 BTC and 233.78 BTC in separate transactions, totaling approximately 1,133.78 BTC, worth about $80.24 million. Regarding Ethereum, BlackRock transferred funds including a single transaction of 10,000 BTC, totaling approximately 27,189 ETH, worth about $56.1 million. The combined assets transferred to Coinbase exceeded $136 million.
The market generally interprets this concentrated inflow of funds as potentially driven by institutional investors for future sales or in response to ETF subscriptions and redemptions. Whether this transfer of $136 million will create substantial selling pressure remains to be seen; investors should closely monitor subsequent market fluctuations and fund flows.
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