BlackRock ETF Wallets Move $702 Million in Bitcoin and Ether to Coinbase Prime

BSCN·2026-11-03 13:20:40 UTC

On-chain data shows BlackRock ETF wallets sent 7,244 BTC and 63,598 ETH, worth about $702.25 million, to Coinbase Prime. Here is what such transfers usually signal.

Blockchain surveillance data shows that wallets linked to @BlackRock's crypto exchange-traded funds sent about $702.25 million in digital assets to @Coinbase Prime within the past hour. The transfer included 7,244 $BTC, valued at $558.62 million, and 63,598 $ETH, valued at $143.63 million. Both were sent to prime broker wallets.

The size of the move has drawn attention from traders, who closely track large flows from ETF-linked addresses. The intent behind the transfer has not been officially disclosed.

Why Coinbase Prime Matters for BlackRock's Crypto ETFs

Coinbase is deeply embedded in the structure of BlackRock's crypto products. According to iShares, the iShares Bitcoin Trust (IBIT) relies on Coinbase Custody as its Bitcoin custodian and on Coinbase Inc. as its Prime Execution Agent. The Ether trust uses the same arrangement.

Coinbase Prime, the exchange's institutional platform, also handles trade execution for the funds. Crypto Briefing reported that it acts as the primary custodian and execution agent for BlackRock's crypto ETFs, covering buying, selling, settlement and redemptions, as outlined in the firm's SEC filings.

Transfers of this kind are not new. CoinDesk reported in January that BlackRock-linked wallets routed about $300 million in bitcoin and ether to Coinbase Prime, and described such transactions as typically linked to ETF flows rather than direct sales.

What the Transfer Does and Does Not Show

ETF issuers routinely move assets between custodial wallets and trading platforms to handle share creations and redemptions. Moves to Coinbase Prime can reflect creation or rebalancing activity, but they can also reflect custody or operational needs, and they do not by themselves confirm a sale. Analysts at Pluang noted that no direct confirmation of selling or ETF redemption existed in a comparable earlier transfer.

Similar movements have also coincided with fund outflows. A CoinDesk report relayed by KuCoin linked an earlier $504.9 million transfer to redemption pressure on IBIT. Without issuer data or fund flow figures for today, the reason for this latest transfer remains unclear.

Market participants are likely to watch daily ETF flow data and further wallet activity for confirmation of whether the move reflects redemptions, creations or routine operations.