BlackRock's IBIT spot Bitcoin ETF received ~1,405 BTC (~$109M) from Coinbase Prime.
Macro & Markets ·
BlackRock's IBIT spot Bitcoin ETF received approximately 1,404.5 BTC worth roughly $109.35 million from Coinbase Prime. The transfer represents a significant accumulation event tracked via on-chain monitoring.
The flow came directly from Coinbase Prime, Coinbase's institutional custodial service, suggesting movement through a major institutional exchange platform. Such transfers to spot Bitcoin ETF products typically occur as part of the creation mechanism, whereby authorized participants deliver Bitcoin to the fund in exchange for newly issued shares.
The timing and scale of the deposit align with broader institutional adoption patterns in the spot Bitcoin ETF market, though no additional context regarding motivation or market conditions at the time of the transfer was provided.