BlackRock, the world’s largest asset manager, deposited 6,735 Bitcoin worth around $616 million and 64,706 Ethereum worth approximately $200 million into Coinbase today. The transfers were made to Coinbase Prime, which provides custody and trading services for institutional clients.

The deposits continue a pattern of institutional transfers BlackRock has conducted in recent weeks as part of routine custodial adjustments tied to its crypto ETF operations. BlackRock operates spot ETFs for both Bitcoin and Ethereum, facilitating institutional investment in digital assets.

Such large crypto movements by BlackRock often spark market discussions about potential selling pressure amid ETF outflows, though the transfers align with standard liquidity management practices for asset managers handling crypto ETF operations.