BlackRock Transfers 140M in BTC, ETH to Coinbase Prime

BlackRock, the world's largest asset manager, transferred approximately 140 million worth of Bitcoin and Ethereum to Coinbase Prime on March 20, moving 544 Bitcoin valued at about 38.3 million and 47,728 Ethereum tokens worth roughly 102.13 million. The deposits, tracked through blockchain data, originated from wallets linked to the firm's spot cryptocurrency exchange-traded funds, including the iShares Bitcoin Trust and the iShares Ethereum Trust.

The transfers occurred amid a slowdown in institutional demand for digital assets. Bitcoin exchange-traded funds, including BlackRock's, recorded outflows exceeding 90 million over two consecutive trading sessions, following a period of strong inflows earlier in the quarter. Ethereum funds showed similar patterns of reduced activity. With Bitcoin's price hovering around 70,000 after a recent rally, the market has exhibited weaker momentum, prompting caution among investors. Ethereum has also faced uneven performance, trading near 2,130 amid broader sensitivity to macroeconomic factors.

Coinbase Prime, the institutional arm of the cryptocurrency exchange, serves as a key platform for custody and trading among major financial firms....