BlackRock sends over $670M in Bitcoin, Ethereum to Coinbase
Crypto Briefing
BlackRock transferred over $670 million in Bitcoin and Ethereum to Coinbase Prime for ETF operational needs.Summary
BlackRock transferred approximately $670 million worth of digital assets, specifically 6,918 Bitcoin (about $539 million) and 58,327 Ethereum (about $133 million), to Coinbase Prime on Monday. These movements are linked to the operational requirements for BlackRock’s spot Bitcoin ETF (IBIT) and its Ethereum ETF, facilitating creation and redemption processes that necessitate direct custody arrangements. Although large transfers do not automatically imply selling, the move is noteworthy as markets face pressure following a weekend sell-off. This follows a significant redemption day for BlackRock's IBIT, which saw $528 million in net outflows last Friday, its largest since launch.
(Source：Crypto Briefing)