BlackRock transferred $247 million in Bitcoin and Ethereum to Coinbase Prime. The move doesn’t guarantee selling, but it signals rising liquidity risk. | Credit: Gemini
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Key Takeaways
BlackRock moved approximately $361 million worth of Bitcoin and Ethereum to Coinbase Prime.
While transfers to Coinbase Prime don’t automatically signal a sale, market observers fear the worst on social media.
Analysts say Bitcoin is still consolidating between roughly $85,600 and $93,700.
Market observers grew uneasy on Monday after asset manager BlackRock transferred a large amount of Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime, sparking fears that the move could precede a “massive” sell-off in the market.
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BlackRock Moved Bitcoin and Ethereum — Why It Matters
Blockchain data showed that BlackRock deposited 3,743 Bitcoin and 7,204 Ethereum into Coinbase Prime, a platform typically used by institutional clients.
At current market prices, the Bitcoin transfer alone is worth about $339 million, while the Ethereum deposit is valued at roughly $22 million.
Blackrock moved large amounts of BTC and ETH | Source: Arkham
Large inflows to exchanges have historically heightened short-term volatility, as they raise the possibility of supply entering the market.
While deposits to Coinbase Prime do not always indicate an imminent sale, they are moves closely watched by traders, as they can sometimes be a prelude to a larger action.
BlackRock has not commented publicly on the transfers.
Traders React To BlackRock’s Bitcoin Transfer
Reaction on X was swift, with traders split between alarm and skepticism.
One user wrote that the move was “really scary,” adding that it “looks like something massive is coming.”
Prime deposits don’t always mean selling. Rebalancing or something bigger about to hit the market?
Another said the transfer “may mean nothing, but usually signals something big.”
A third X user noted that deposits to Coinbase Prime “don’t always mean selling.”
They questioned whether the move reflected rebalancing or “something bigger about to hit the market.”
ETFs Still ‘New’
In an interview with CNBC, BlackRock’s head of ETFs Jay Jacobs said Bitcoin ETF’s are still “early” in their life span, despite being housed in the firm for two years.
“It’s still so early,” Jacobs told the broadcaster.
“Many investors have still just been starting their educational journey around what is Bitcoin, and how might it fit in a portfolio .… We see this still being very early days for Bitcoin and Ethereum.”
BlackRock manages the iShares Bitcoin Trust ETF (IBIT) and the iShares Ethereum Trust ETF (ETHA).
IBIT has fallen over 3% over the past year, coinciding with a fall from Bitcoin’s highs in October.
“For many financial advisors, maybe they didn’t have access to crypto before, or weren’t able to buy IBIT before it was approved on their platforms,” Jacobs said.
In a recent report, CCN analyst Victor Olanrewaju said the price was stuck in a “broad consolidation range.”
“Looking at the technical picture again, the daily chart shows BTC has been stuck in a broad consolidation range since November, trading between $85,592 and $93,681,” he said.
Because the price continues to bounce within that band, Bitcoin “still lacks a clear directional bias,” he added.
Momentum also appears to be weakening, with BTC hovering near the 20-day exponential moving average after already falling below the 50-day EMA — a signal that short- and mid-term trend strength is fading.
“As a result, Bitcoin’s price is more likely to fluctuate sideways than break out,” he wrote, suggesting the recent rebound could prove to be a “dead cat bounce” until fresh liquidity enters the market.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
