BlackRock Moves 8,700 Ethereum to Coinbase: Why Traders Are Watching

In recent hours, global investment manager BlackRock executed an Ethereum transfer that was reported by onchain data tracker Onchain Lens.

According to Onchain Lens, BlackRock transferred 8,700 $ETH, worth nearly $15.81 million, to Coinbase Prime.

It will not be the first time BlackRock has moved Ethereum and, likewise, Bitcoin to Coinbase Prime; on July 9, BlackRock moved 951.5 $BTC worth $59 million to Coinbase Prime and the IBIT ETF withdrew 883.6 $BTC (worth $54.8 million) from Coinbase Prime on July 8, but this particular $ETH transaction comes with further details.

Onchain Lens noted that the said $ETH — 8,700 tokens — were moved from BlackRock's Ethereum ETF-related wallets to Coinbase Prime and coincided with outflows from the BlackRock ETHA ETF.

According to data from Sosovalue, the BlackRock ETHA ETF saw outflows of 7,240 $ETH, or $12.67 million worth, on July 9, adding to net negative inflows for Ethereum ETFs.

On July 9, Ethereum ETFs saw total outflows of $52.08 million, with Fidelity's FETH leading the charge.

Why are traders watching?

ETF flows defined the past quarter, with June marking a record in redemptions. Ethereum ETFs posted $690 million in net outflows, extending the negative flow streak from Q1.

After a weak first half, traders are seeking clues on what the rest of 2026 holds. According to historical data, Q3 has often marked the beginning of strong recoveries.

According to CoinGlass data, Ethereum averaged gains of 8.08% in Q3, recording seven green Q3s out of eleven since 2016. In 2025, Ethereum netted gains of 66.55%, pointing to an average positive performance in Q3.

However, past performance may not be a guarantee, with additional catalysts being watched. Ethereum ($ETH) outperformed Bitcoin in the last 24 hours, rising 2.6% to $1,790 as it seeks to snap a trend of sequential lower highs and lower lows.