BlackRock Transfers Over 670 Million In Crypto To Coinbase Prime

TLDR

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BlackRock moved 6,918 BTC and 58,327 ETH to Coinbase Prime on Monday.
The crypto transfer is linked to BlackRock’s ETF operations, not direct selling.
Bitcoin fell below $75,000 over the weekend amid broader market pressure.
BlackRock’s IBIT saw $528M in outflows last Friday, the largest since launch.

BlackRock transferred over $670 million in digital assets to Coinbase Prime on Monday, according to blockchain analytics platform Arkham Intelligence. The assets include 6,918 Bitcoin, valued at approximately $539 million, and 58,327 Ethereum, worth nearly $133 million.

BlackRock deposited 6,918 $BTC($538.6M) and 58,327 $ETH($133.6M) to Coinbase Prime an hour ago.https://t.co/qmuDIrPHc6 pic.twitter.com/az92Jea6uT
— Lookonchain (@lookonchain) February 2, 2026

The transfer was conducted through BlackRock’s institutional wallets, with all assets sent directly to Coinbase Prime. This platform is used for custody and trading by large institutional clients, including ETF issuers and asset managers.

Transfer Linked to ETF Operations

The asset movements are connected to the management of BlackRock’s spot Bitcoin ETF (IBIT) and Ethereum ETF. These funds require direct handling of the underlying crypto assets during the creation and redemption process.

ETF creation and redemption involve the exchange of crypto for ETF shares or vice versa. This activity often results in large movements of assets to or from custodians like Coinbase Prime. Arkham Intelligence data confirms that the wallets used belong to BlackRock.

“These movements are operational in nature and do not necessarily reflect a market view,” said a crypto analyst familiar with ETF flows.

High Outflows From Bitcoin ETFs

Last Friday, BlackRock’s IBIT saw net outflows of $528 million. This marked the highest single-day withdrawal since its launch. According to Farside Investors, all US-listed spot Bitcoin ETFs reported a combined weekly outflow of $1.5 billion.

These outflows coincided with a sharp weekend sell-off in crypto markets. Bitcoin dropped below $75,000, raising questions about investor sentiment and short-term market direction. Still, transfers to Coinbase do not confirm liquidation unless followed by sales.

Coinbase Prime serves as both a trading platform and a custodian, so the assets could remain in cold storage or be used for ETF-related transactions.

Ongoing Market Volatility and Monitoring

The crypto market remains volatile, with major asset prices responding to broader financial and regulatory developments. Analysts continue to track large wallet movements to better understand institutional behavior.

Despite the recent drop in price and ETF outflows, there is no confirmation that BlackRock is reducing exposure. The size and nature of the transaction align with ETF operational flows that may involve rebalancing or redemptions.

The market continues to watch ETF issuers, including BlackRock, for clues about asset flows and fund performance in the evolving digital asset space.