BlackRock-linked wallets moved 2,402 BTC and 12,679 ETH to Coinbase Prime, adding another visible custody movement to a market already focused on spot Bitcoin and Ether ETF redemptions. The B
BlackRock-linked wallets moved 2,402 BTC and 12,679 ETH to Coinbase Prime, adding another visible custody movement to a market already focused on spot Bitcoin and Ether ETF redemptions.
The Bitcoin transfer was worth about $151.4 million, while the Ether transfer was worth about $21.1 million, based on prices near $63,000 for BTC and $1,660 for ETH. Combined, the movement placed roughly $172.5 million in crypto onto Coinbase Prime.
The transfer follows another weak ETF session for BlackRock’s crypto products. IBIT recorded a $148.5 million outflow on June 10, while ETHA saw a $20.6 million outflow on the same day. Total U.S. spot Bitcoin ETFs lost $213.9 million, and spot Ether ETFs lost $35.5 million.
The movement does not confirm that BlackRock sold Bitcoin or Ether on the open market. Coinbase Prime is an institutional trading, custody and settlement platform, and ETF-linked wallet transfers can reflect redemption settlement, custody management, authorized participant activity or liquidity movement around fund shares.
That distinction matters because traders often treat large Coinbase Prime deposits as immediate sell pressure. In ETF mechanics, the cleaner reading is usually operational unless fund-flow data, order execution or follow-on exchange movement confirms a direct sale.
The latest transfer still carries market weight because it comes during a weak demand window. U.S. spot Bitcoin ETFs recently suffered a record 13-day outflow streak, with roughly $4.33 billion leaving funds between May 15 and June 3. IBIT, once the strongest institutional accumulation vehicle in the market, has become one of the most closely watched sources of redemption pressure.
BlackRock remains the largest name in U.S. spot crypto ETFs, so its wallet movements now shape market sentiment beyond the raw transfer size. When IBIT-linked BTC moves to Coinbase Prime during an outflow day, traders watch for whether Bitcoin can absorb the redemption flow without losing key support.
The same applies to ETHA. Ether has already struggled to rebuild momentum after losing important price levels, and ETF redemptions add another layer of pressure. Ethereum’s recent break below $1,825 turned the market’s focus back toward lower support zones, with ETH still trying to stabilize after the move covered in Ethereum Breaks $1,825 Support As Bears Eye $1,600 And $1,400.
Bitcoin is in a similar liquidity test. BTC has recovered toward the low-$63,000 area after dipping near $61,000, but ETF flows remain one of the clearest signals for institutional demand. Positive ETF days can help rebuild confidence. Large outflow days keep traders focused on whether spot buyers are strong enough to absorb redemptions.
This is not the first time BlackRock-linked wallets have moved large crypto balances to Coinbase Prime during a heavy redemption window. Recent IBIT-linked transfers already pushed the same market debate after BlackRock Bitcoin ETF wallets moved $226 million in BTC to Coinbase Prime.
The pattern shows how central ETF plumbing has become to crypto price discovery. In earlier cycles, traders watched exchange wallets, miner flows and whale deposits. In the current market, ETF custody wallets, Coinbase Prime movements and daily fund-flow tables are just as important.
For now, the signal is cautious rather than definitive. The $172 million BTC and ETH transfer adds pressure to a market already watching BlackRock outflows, but the movement alone does not prove direct selling. The next test is whether IBIT and ETHA flows turn neutral again or whether another stretch of redemptions keeps Bitcoin and Ethereum pinned near their lower support zones.
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