BlackRock Transfers Over $1 Billion BTC and ETH to Coinbase

Amid massive outflows, top asset management firm BlackRock has been sighted moving its Bitcoin (BTC) and Ethereum (ETH) holdings. Precisely, on-chain data shows that the Exchange Traded Funds (ETFs) issuer has moved almost $1 billion in Bitcoin and Ethereum to Coinbase across two consecutive days.

Why is BlackRock Offloading its BTC and ETH Holdings?

Arkham Intelligence spotted BlackRock’s coordinated transfer of nearly $1 billion BTC and ETH into Coinbase Prime. The deposits included 6,735 BTC, worth $616.09 million, and 64,706 ETH  ($119.73 million), which represents one of firm’s largest on-chain transfers this November. Noteworthy, Coinbase Prime is BlackRock’s spot Bitcoin and Ethereum ETFs core settlement and execution platform.

The previous day, about 3,064 BTC and 64,707 ETH, which summed up to approximately $500 million, were offloaded into Coinbase. Across the two days, the BTC and ETH transfers totalled over $1 billion, reflecting the massive transfers from BlackRock crypto ETPs. 

BlackRock’s IBIT Suffers Massive Outflows 

With Bitcoin’s latest performance, its ETF has seen significant outflows. SoSoValue data shows that US Bitcoin spot ETFs net outflow totalled $373 million. BlackRock’s iShare Bitcoin Trust ETF (IBIT) bore the biggest withdrawals, with more than $523 million in one day. Though the other issuers saw mixed results, none matched the scale of BlackRock.

Senior Bloomberg ETF analyst Eric Balchunas stated that the net outflow from Bitcoin ETFs came in at $13.3 billion in the last month. It represents 3.5% of their total Assets Under Management (AUM). On this premise, the analyst noted that IBIT is still leading the industry with $25 billion Year-to-date (YTD) inflows, IBIT has successfully secured the sixth position among all ETFs.

Issuers Roll Out Altcoin ETFs 

On one hand, Solana and XRP ETFs have been rolled out by a few spot crypto issuers. Canary Capital debuted its spot XRP ETF (XRPC) a few days ago and performed well in its first trading day, raking in as much as $58 million. Just before then, Bitwise Solana ETF was rolled out, and it recorded consistent daily inflows since its first day of trading.

VanEck recently launched its Solana ETF under the ticker VSOL. Fidelity also launched its Solana ETF, with the ticker FSOL. A key feature of this is its staking capability, which allows investors to earn more.