On-chain data shows significant bitcoin and ether movements linked to BlackRock’s spot ETFs, reflecting earlier January activity tied to creation and redemption flows.
Over the past several hours, wallets associated with BlackRock’s spot bitcoin and ether ETFs transferred more than $430 million in crypto to Coinbase Prime, according to Arkham. This represents one of the largest ETF-related transfer clusters observed this week.
The movements coincided with heavy outflows from U.S.-listed spot crypto ETFs, indicating redemption-driven activity rather than discretionary selling. Spot bitcoin ETFs saw $708.71 million in net outflows, including $356 million from BlackRock, while ether ETFs shed $297.51 million, $250 million of which was linked to BlackRock, according to SoSoValue.
The transfers included roughly 3,070 bitcoin, valued at $276 million, and about 52,800 ether, worth $157 million at current market prices. Assets moved from addresses tied to BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), with Coinbase Prime serving as the destination.
Coinbase Prime is used by authorized participants and institutional clients to facilitate creation and redemption of shares for U.S.-listed spot ETFs. Like previous transfers earlier this month, these flows are largely operational rather than spot-market sales, though hedging and settlement activity can contribute to short-term volatility.
This follows a January 13 transfer of roughly $300 million in bitcoin and ether from BlackRock wallets, which coincided with a brief bitcoin rally above $92,000 during U.S. trading hours.
As of mid-January, IBIT remains the largest institutional holder of bitcoin, while ETHA is one of the largest regulated vehicles for ether exposure. On-chain activity from these funds is closely watched during periods of market stress or recovery.
Ahead of U.S. market hours, bitcoin traded just under $90,000 and ether hovered near $3,000, as broader crypto markets sought stability after a volatile stretch driven by macro headlines and shifting risk sentiment.
