BlackRock withdrew $158.5M in BTC and ETH from Coinbase Prime, signaling institutional accumulation.
Macro & Markets ·
BlackRock withdrew 1,698.44 BTC and 11.69K ETH from Coinbase Prime in a single transaction totaling approximately $158.5 million, according to on-chain tracking data. The Bitcoin portion represented roughly $130.2 million while the Ethereum holdings amounted to approximately $28.3 million.
The withdrawal from a prime brokerage custody platform typically signals institutional confidence and intent to hold assets, as moving crypto off exchanges often precedes medium- to long-term accumulation strategies. Coinbase Prime serves as a regulated custodian for institutional clients, and movements out of such platforms have historically been monitored as indicators of professional investor positioning.
The transaction does not reveal whether the assets were moved to self-custody, another custodian, or a different institutional wallet, nor does it indicate timing or future trading intent. The exact blockchain confirmation time and whether this represents a single deposit or multiple movements over time remain unspecified in available reports.