BlackRock transferred $702M in BTC and ETH to Coinbase Prime in a single transaction.
Macro & Markets ·
BlackRock moved approximately $702.25 million in cryptocurrency to Coinbase Prime within the past hour. The transfer comprised 7,244 BTC valued near $558.62 million and 63.6K ETH valued near $143.63 million, split across multiple blockchain addresses.
The assets moved across distinct blockchains: Bitcoin holdings were sent to 36YZXcTVLPdyapYuqXdJEt46oMVB2NrzVv while Ethereum holdings were routed through addresses including 0x01c2651E673bb8e30584681E13065Becba3859E5. Coinbase Prime functions as an institutional custody and trading platform.
The reason for the deposit remains unclear. Large institutional transfers to exchange custody accounts can reflect preparation for trading activity, rebalancing, or account consolidation, though such movements do not necessarily signal imminent market action. The timing and size of the move may indicate significant institutional activity, but further details on intent have not been disclosed.