BlackRock Unloads $271M in Bitcoin and Ethereum to Coinbase Prime

BlackRock, the world's largest asset manager, has transferred approximately $271 million worth of Bitcoin and Ethereum to Coinbase Prime, according to onchain data from analytics firm Onchain Lens. The transfer occurred on March 26, 2025, and involved 3,310 Bitcoin (BTC), valued at roughly $215.93 million, and 28,370 Ethereum (ETH), worth about $55.68 million.

The funds were moved from wallets associated with BlackRock's spot Bitcoin and Ethereum exchange-traded funds (ETFs) to a Coinbase Prime deposit address. Onchain Lens reported that the pattern of the transfers, specifically the size and destination, points to a likely intention to sell the assets. Coinbase Prime serves as the custodian for BlackRock's crypto ETF holdings, making it the primary venue for executing large institutional trades.

This is not the first large-scale movement from BlackRock's ETF wallets. In recent months, similar transfers have preceded price adjustments in the broader crypto market, as institutional selling can create downward pressure. However, it is also possible that the transfer is part of routine portfolio rebalancing or liquidity management.