BlackRock ETF-Related Wallets Send $356 Million in Bitcoin and Ether to Coinbase Prime

On Oct. 23, BlackRock ETF-related wallets sent Bitcoin (BTC) and Ether (ETH) worth a combined $355.63 million to Coinbase Prime in a two-hour span. The transfers’ purpose was unclear, and the transfers alone did not show that the assets had been sold or signal a sale.

The transfers comprised 3,215 BTC, worth about $262.41 million, and 38,882 ETH, valued at about $93.22 million.

The total was more than double the value of an earlier $143.04 million transfer to Coinbase Prime. That movement included 883 BTC and 28,957 ETH, fewer of both assets than in the Oct. 23 transfers.

Transfers have also gone the other way: Coinbase Prime sent 2,802.904 BTC and a small amount of ETH to BlackRock ETF wallets on Aug. 25, followed by 3,620 BTC and a small amount of ETH on Aug. 27. A deposit to Coinbase Prime alone does not show that the assets were sold or signal a sale.