BlackRock Transfers 8,700 Ethereum to Coinbase, Sparking Fresh Market Speculation

TL;DR

• BlackRock transferred 8,700 ETH valued at nearly $15.81 million to Coinbase Prime, according to blockchain tracker Onchain Lens.
• The transaction coincided with net outflows from BlackRock’s ETHA ETF of 7,240 ETH, equivalent to $12.67 million, recorded on July 9.
• Ethereum ETFs posted total net outflows of $52.08 million, with Fidelity’s FETH fund leading the withdrawals.

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BlackRock transferred 8,700 ETH, with an approximate value of $15.81 million, from wallets linked to its Ethereum ETF to Coinbase Prime. The transaction was detected by onchain tracker Onchain Lens and immediately drew attention from institutional traders who monitor flows as market positioning signals.

This is not the first time BlackRock has executed this type of operation. On July 9 it moved 951.5 BTC valued at $59 million to Coinbase Prime, and the day before, the IBIT ETF had withdrawn 883.6 BTC, equivalent to $54.8 million, from the same platform. However, the ETH transfer became more significant due to its overlap with the negative flows from the ETHA fund.

BlackRock moved 8.7K $ETH worth $15.81M from its ETF wallets to #Coinbase Prime.https://t.co/NTKoic2W4T pic.twitter.com/De8xgSgE9l

— Onchain Lens (@OnchainLens) July 10, 2026

BlackRock: Flows That Define the Quarter

According to Sosovalue data, the ETHA ETF recorded outflows totaling 7,240 ETH, or $12.67 million, on July 9. That same day, Ethereum ETFs collectively accumulated net outflows of $52.08 million, with Fidelity’s FETH fund being the primary driver of withdrawals. June had already marked a negative record in the ETF market, surpassing $690 million in net outflows that extended a streak begun in the first quarter of the year.

With a weak first half, traders are looking for clues about what the rest of 2026 may bring. Historical data offers some basis for optimism: according to CoinGlass, Ethereum averaged gains of 8.08% in the third quarter since 2016, recording seven positive quarters out of eleven.

In 2025, Ethereum posted a gain of 66.55% during that period. However, past performance does not guarantee future results, and the market awaits the emergence of stronger and more concrete catalysts. Over the last 24 hours, Ethereum rose 2.6% to $1,790, outperforming Bitcoin over that span and attempting to reverse a trend of lower highs and lower lows.