BlackRock sends $181 million in Bitcoin, Ether to Coinbase amid crypto sell-off

BlackRock deposited $181 million in digital assets on Coinbase Prime today during a slump in crypto markets that pushed Bitcoin and altcoins lower.

According to Arkham Intel data, 612 BTC, worth around $41 million, and 68,567 Ethereum, worth approximately $140 million, were transferred from a wallet owned by the leading asset manager.

While BlackRock’s transfers may not involve selling and could be part of a dip-buying strategy, they have caught notice amid mixed demand for exchange-traded products and ongoing geopolitical uncertainty.

The deposit took place amid a sharp crypto market retreat, with Bitcoin sliding from above $68,000 to approximately $66,300 and Ether dipping to $1,982, below the $2,000 mark, per CoinGecko.

Total market capitalization fell 3% over 24 hours to $2.4 trillion.

Flows into and out of BlackRock’s spot crypto ETFs

The iShares Bitcoin Trust (IBIT) attracted roughly $117 million in outflows in the last three days, but those losses were more than offset by $161 million in inflows recorded on Monday alone, leaving net inflows for the week at $44 million, according to data tracked by Farside Investors.

Cumulative net inflows into IBIT since its January 2024 launch have nonetheless topped $63 billion.

On the Ether side, BlackRock’s iShares Ethereum Trust (ETHA) suffered approximately $214 million in withdrawals this week, a steep figure that contrasts with consistent inflows into the recently launched iShares Staked Ethereum Trust (ETHB), which offers holders an annualized staking reward.