Coinbase Prime receives $303 million in Bitcoin from BlackRock

BlackRock deposits $303 million in Bitcoin and $18 million in Ethereum in Coinbase Prime as its ETFs face recent outflows.

Asset management giant BlackRock has deposited 3,290 Bitcoin (worth approximately $303 million) and 5,692 Ethereum (valued at around $18 million) into Coinbase Prime, according to Arkham Intelligence data. This move comes amid growing volatility in the cryptocurrency market.

The transfer signals BlackRock’s continued interest in the digital asset space despite recent fluctuations in investor sentiment.

Outflows From BlackRock’s Bitcoin and Ethereum ETFs

BlackRock manages several investment products, including spot Bitcoin and Ethereum ETFs, which have recently experienced net outflows. Notably, BlackRock’s Bitcoin ETF (IBIT) recorded approximately $71 million in withdrawals yesterday, marking the fourth consecutive day of redemptions.

Similarly, its Ethereum ETF faced nearly $80 million in outflows, as reported by Farside Investors. These withdrawals highlight the ongoing market reactions to cryptocurrency price volatility and investor caution.