BlackRock today deposited $181 million in digital assets with Coinbase Prime amid a downturn in the crypto market that has depressed the prices of Bitcoin and altcoins.
According to data from Arcam Intel, 612 BTC (worth about $41 million) and 68,567 Ethereum (worth about $140 million) were transferred from wallets owned by major asset management companies.
BlackRock’s move may not involve a sell and could be part of a buy-in strategy, but it has attracted attention amid mixed demand for listed products and continued geopolitical uncertainty.
According to CoinGecko, the deposit comes amid a sharp pullback in the crypto market, with Bitcoin falling from more than $68,000 to around $66,300 and Ether falling below $2,000 to $1,982.
Market capitalization fell 3% in 24 hours to $2.4 trillion.
Inflows and outflows to BlackRock’s Spot Crypto ETF
iShares Bitcoin Trust (IBIT) has attracted approximately $117 million in outflows over the past three days, but these losses were offset by $161 million in inflows recorded on Monday alone, bringing this week’s net inflows to $44 million, according to data tracked by Farside Investors.
Still, cumulative net inflows to IBIT since its inception in January 2024 have exceeded $63 billion.
On the Ether side, BlackRock’s iShares Ethereum Trust (ETHA) suffered roughly $214 million in withdrawals this week, but this amount contrasts with consistent inflows to the recently launched iShares Staked Ethereum Trust (ETHB), which offers holders annual staking rewards.
