BlackRock moved 7,432 BTC and 8,150 ETH to Coinbase Prime, adding another large institutional transfer to a market already focused on ETF redemptions and crypto custody flows.
The Bitcoin portion was valued near $446 million at the time of the transfer. The Ether portion was valued near $12.89 million, bringing the combined movement to roughly $459 million across BTC and ETH.
The transfer does not automatically confirm open-market selling. Coinbase Prime is used for institutional custody, execution, settlement and ETF-related flows, so large deposits can reflect redemption settlement, authorized participant activity, liquidity management or custody movement rather than a direct discretionary sale.
The size still matters because BlackRock’s crypto ETF wallets have become one of the clearest market signals for institutional demand. When large BTC and ETH balances move toward Coinbase Prime during a weak flow window, traders watch whether spot buyers can absorb redemption-related supply without deeper price pressure.
IBIT Pressure Follows Record ETF Outflow Week
The latest movement lands after U.S. spot Bitcoin ETFs posted their worst weekly outflow ever, with about $1.79 billion leaving the products across five sessions.
BlackRock’s IBIT carried the largest pressure during that week. The fund posted daily outflows of $172 million, $182 million, $239.3 million, $265.7 million and $444.5 million, making it the main driver of the record weekly withdrawal.
That makes the new 7,432 BTC movement especially sensitive. The reported $446 million Bitcoin transfer is close in size to IBIT’s largest daily outflow from the prior week, keeping attention on whether Coinbase Prime transfers are tied to ETF redemption plumbing, custody settlement or broader liquidity management.
The same demand problem was already visible before Bitcoin’s $10.6 billion Deribit options expiry, when spot ETF redemptions removed one of Bitcoin’s strongest regulated demand channels during a fragile market window.
BTC And ETH Stay Under Flow Pressure
Bitcoin recently traded near $59,744, putting the 7,432 BTC transfer close to the reported $446 million value. Ether traded near $1,570, leaving the 8,150 ETH transfer close to $12.8 million.
The timing adds pressure to both markets because Bitcoin and Ethereum are already trading around fragile support areas. BTC has struggled to rebuild momentum after ETF outflows intensified, while ETH remains exposed to weaker spot demand and limited follow-through from institutional products.
ETF transfers are now a market signal because they sit between traditional finance and onchain liquidity. Fund redemptions, authorized participant settlement and custody movements can all create visible wallet activity before any clear spot-market impact appears.
For now, the confirmed movement is 7,432 BTC and 8,150 ETH into Coinbase Prime, worth about $459 million combined. Bitcoin recently traded near $59,744, while Ethereum traded near $1,570.
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