On-chain data revealed a significant withdrawal of 1,789.6 Bitcoin, worth about $119.17 million, from Coinbase Prime by BlackRock on July 22. The movement, flagged by Onchain Lens, was immediately interpreted by analysts as a routine operational procedure likely tied to ETF share creation or redemption for the firm’s spot Bitcoin ETF (IBIT). BlackRock’s IBIT currently holds over $20 billion in assets, and transfers of this nature between custody and trading venues are common for institutional liquidity management. The event did not indicate any change in the asset manager’s long‑term bullish stance on Bitcoin, and it did not materially move market prices.
Separately, U.S. spot Ethereum ETFs extended their winning streak on July 21, recording $37.5 million in net inflows for the third consecutive trading day, per data from Farside Investors. BlackRock’s iShares Ethereum Trust (ETHA) led the session with $52.8 million in new money, while Fidelity’s Ethereum Fund (FETH) saw $15.3 million in outflows. The sustained positive flows suggest growing investor comfort with Ethereum as an asset class and increasing adoption of regulated crypto investment vehicles since their launch in late July 2024.
