BlackRock deposits $364M in Ethereum and $77.67M in Bitcoin to Coinbase Prime
Transfers of crypto into an exchange or institutional platform like Coinbase Prime often precede sales, but they can also occur for custody, rebalancing, or operational reasons.
Photo: Pierre Borthiry via Unsplash
Key Takeaways
- BlackRock deposited $364 million in Ethereum and $77.67 million in Bitcoin to Coinbase Prime.
- Similar prior moves by BlackRock have drawn speculation about profit taking or exit behavior.
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BlackRock deposited $364 million in Ethereum and $77.67 million in Bitcoin to Coinbase Prime today, according to on-chain data tracked by Lookonchain.
The global asset manager has consistently transferred cryptocurrencies to Coinbase Prime to bolster liquidity for its crypto ETFs amid fluctuating market conditions. The platform serves as a key custodian for BlackRock’s digital asset activities.
Coinbase Prime enables seamless integration between traditional finance and blockchain assets for institutional clients. The custody service has become central to BlackRock’s cryptocurrency management operations as the firm expands its ETF offerings.
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