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yesterday

BlackRock Shifts About $140 Million in Bitcoin and Ether to Coinbase Prime

Analysts view the on-chain deposits as routine ETF or custody rebalancing rather than a clear sell signal.

$100M in crypto shifted by BlackRock - Panic move or just some rebalancing?
Blackrock moves $140 million in bitcoin and ether to coinbase prime

Overview

  • Lookonchain tracked 47,728 ETH (about $102 million) and 544 BTC (about $38.3 million) moved to Coinbase Prime on March 20.
  • Onchain Lens reported smaller totals for the same wallets, highlighting attribution differences across on-chain monitors.
  • Coinbase Prime serves institutional custody and OTC execution, and such transfers are commonly linked to rebalancing or operational adjustments with no stated trading intent.
  • Coinglass data shows elevated risk of forced selling, with more than $1.87 billion in BTC longs vulnerable below $66,827 and over $1.2 billion in ETH longs below $2,029.
  • AMBCrypto noted modest March 18 outflows from BlackRock’s IBIT and ETHA, which could be an operational reason for moving assets to Prime to handle redemptions.