BlackRock Sends $506 Million in Bitcoin, Ethereum to Coinbase After ETF Sales

On October 31st, Blackrock moved over $506 million worth of digital assets to Coinbase Exchange. This follows substantial outflows from their spot-based exchange-traded funds (ETFs) the day before. The transfers correspond directly with withdrawals recorded in Blackrock’s Bitcoin and Ethereum ETFs on the previous day. Farside Investors data showed that Blackrock iShares Bitcoin Trust (IBIT) saw $291 million in outflows, while its Ethereum product, ETHA, saw $118 million exit. Blackrock transfers to Coinbase demonstrate they need to provide liquidity as investors sold positions on secondary markets following the ETFs’ decline.