BlackRock transferred over $153 million in Bitcoin and Ethereum to the Coinbase exchange, according to on-chain data reported by the analytics platform Onchain Lens. The transaction included 2,200 BTC valued at $149.13 million and 2,417 ETH equivalent to $4.84 million, all recorded within a matter of hours.
The transaction comes amid a context of high institutional activity from the asset manager. Over the past week, data from Arkham identified BlackRock as the largest recipient of inflows into spot Bitcoin and Ethereum ETFs: its IBIT product recorded inflows of $660 million within a positive weekly flow of $568.5 million for Bitcoin ETFs, while its ETHA fund received $133.2 million out of a total net positive flow of $23.5 million for Ethereum ETFs.
Onchain Lens does not rule out that further transfers of BTC and ETH to Coinbase may follow, which could indicate a rebalancing of the portfolios within BlackRock’s crypto investment products. Coinbase currently holds approximately 12% of all crypto assets worldwide and acts as custodian for the majority of spot crypto ETFs in the United States.
Source: https://x.com/OnchainLens/status/2030957996248096845
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