The world’s largest asset manager has deposited hundreds of millions of dollars worth of Ethereum (ETH) and Bitcoin (BTC) into Coinbase Prime, on-chain data shows.
According to the blockchain tracking platform Lookonchain, BlackRock recently moved massive amounts of ETH and BTC worth a combined $664 million to the top US crypto platform as Trump’s latest tariff policies and new US jobs data have sparked market volatility.
“BlackRock (ETHA) deposited 101,975 ETH ($372 million) and 2,544 BTC ($292 million) into Coinbase Prime [Tuesday].”
The on-chain data indicate that the assets are from BlackRock’s Ethereum exchange-traded fund (ETF), the iShares Ethereum Trust (ETHA), and its Bitcoin ETF, the iShares Bitcoin Trust (IBIT). It’s unclear the reason for the transfers, but it may indicate an intention to sell on behalf of clients. BlackRock uses Coinbase Prime for custody, sales and other services.
The asset manager moved the Bitcoin in batches of 300 BTC and it moved Ethereum in multiple 10,000 ETH transactions.
Meanwhile, Lookonchain reports institutional accumulation sprees of Ethereum have been surging.
“Whales/institutions keep buying ETH! Another three fresh wallets bought 63,837 ETH ($236 million) via FalconX and Galaxy Digital OTC (over the counter) [Monday]. Since July 9th, a total of 14 fresh wallets have accumulated 856,554 ETH ($3.16 billion).”
Lookonchain also notices ETH Treasury firm SharpLink added more Ethereum to its books this week.
“SharpLink bought another 18,680 ETH ($66.63 million) [Monday]. SharpLink currently holds 498,711 ETH ($1.81 billion).”
Bitcoin is trading for $113,012 at time of writing, down 1.8% in the last 24 hours. Meanwhile, ETH is trading for $3,578 at time of writing, down 2.2% on the day.
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