Asset management giant BlackRock has moved a combined $153.97 million worth of Bitcoin (BTC) and Ethereum (ETH) to the Coinbase exchange, according to on-chain data reported by analytics platform Onchain Lens. The transfer, executed within recent hours, consisted of 2,200 BTC valued at $149.13 million and 2,417 ETH worth $4.84 million.
The transaction has intensified market focus on BlackRock's institutional strategy, particularly regarding its spot cryptocurrency Exchange-Traded Funds (ETFs). This move comes during a period of robust ETF activity. Data from Arkham shows BlackRock was the largest buyer of ETF flows over the past week. Bitcoin ETFs recorded a positive weekly net flow of $568.5 million, with BlackRock's iShares Bitcoin Trust (IBIT) accounting for $660 million of those inflows. Similarly, Ethereum ETFs posted a positive weekly net flow of $23.5 million, with BlackRock's ETHA fund attracting $133.2 million.
Analysts note that transfers to Coinbase are significant as the exchange holds approximately 12% of all global crypto assets and serves as the primary custodian for most U.S. spot crypto ETFs. Such movements often spark discussions around custody adjustments, portfolio rebalancing, or potential fund-related activity. Onchain Lens suggested that more BTC and ETH deposits from BlackRock could follow, potentially indicating ongoing portfolio management within its digital asset products.
Concurrently, BlackRock is advancing its Ethereum offerings. The firm recently revised its filing for the proposed iShares Staked Ethereum Trust (ETHB), reducing the staking fee from 18% to 10% of rewards and introducing a possible tiered discount structure. This signals further preparation for the product, which is expected to launch in the first half of 2026, following the strong traction of its existing spot Ethereum ETF, ETHA.
