Wallets linked to @BlackRock's exchange-traded funds sent $355.63 million worth of Bitcoin ($BTC) and Ethereum ($ETH) to @Coinbase Prime within a two-hour window on October 23, according to o
Wallets linked to @BlackRock's exchange-traded funds sent $355.63 million worth of Bitcoin ($BTC) and Ethereum ($ETH) to @Coinbase Prime within a two-hour window on October 23, according to on-chain tracking data.
The transfers consisted of 3,215 $BTC, valued at $262.41 million, and 38,882 $ETH, valued at $93.22 million, sent in two separate transactions. The figures were flagged by on-chain monitoring service Onchain Lens and reported by PANews.
The purpose of the deposits has not been made clear. Transfer records alone are not enough to determine whether they imply a sell-off, so the movement should not be read as a directional signal on its own.
Coinbase Prime plays a central role in how BlackRock's crypto funds operate. BlackRock's own product page describes the iShares Bitcoin Trust (IBIT) as built on a multi-year technology integration with Coinbase Prime. According to the trust's SEC prospectus, Coinbase Inc. acts as Prime Execution Agent and facilitates the buying, selling and settlement of bitcoin tied to creations and redemptions.
That context matters because ETF-related deposits to a custodian or execution platform can be part of routine fund operations. Crypto Briefing has noted that similar transfers have been described by on-chain analysts as consistent with standard ETF flows rather than a directional market bet, though that assessment applied to an earlier transfer and not necessarily to this one.
Large movements between BlackRock-linked wallets and Coinbase Prime are not new. Crypto Briefing reported that Arkham Intelligence and Lookonchain have tracked a recurring pattern of such transfers, with historical deposits ranging from tens of millions to hundreds of millions of dollars.
Traders often watch these wallet movements for clues about ETF flows, particularly when they coincide with fund outflows. PANews noted that Ethereum spot ETFs recorded $111 million in net outflows the previous day, led by BlackRock's ETHA with $75.45 million. Even so, there is no confirmed link between those outflows and the latest deposit.
For now, the data confirms the size and timing of the transfers but not their intent. Further on-chain activity and upcoming ETF flow figures may offer more clarity.
