A wallet tied to BlackRock's spot ETFs transferred over $271 million in Bitcoin and Ethereum to Coinbase Prime. The move raises the possibility of selling pressure on BTC and ETH. On-chain data from Arkham Intelligence flagged the simultaneous transfer.
A BlackRock-linked ETF wallet moved over $271 million in Bitcoin and Ethereum to Coinbase Prime, on-chain data shows, raising selling pressure concerns for the two largest cryptocurrencies.
The movement was detected by Arkham Intelligence, which flagged simultaneous BTC and ETH transfers from a wallet associated with BlackRock's spot ETF products to the institutional trading platform. The transfer does not by itself confirm any intent to sell or rebalance, the data provider said.
Large transfers of ETF-held assets to exchange wallets have historically preceded liquidation or rebalancing activity. The $271 million move comes as BlackRock's spot Bitcoin and Ethereum ETFs have drawn cumulative net inflows exceeding $11 billion, according to The Block. However, US spot BTC and ETH ETFs recently recorded a six-day outflow streak, indicating a potential shift in institutional demand after weeks of strong inflows.
The transfer could add selling pressure on Bitcoin and Ethereum if the assets are sold on Coinbase Prime. Bitcoin was trading between $64,000 and $66,500 as of late July, while Ethereum changed hands near $1,911, up 2.5% on the day. Ethereum has gained nearly 20% in July, outperforming Bitcoin's 11.7% advance during the same period.
Ethereum's on-chain metrics show a contrasting picture of accumulation. Exchange reserves have fallen to 15.1 million ETH, the lowest level in months, while the staking entry queue reached 2.53 million ETH, indicating sustained demand for validator participation. The validator exit queue fell to zero for the first time since September 2025, allowing unstaking requests to process without the earlier backlog of more than 2.6 million ETH.
BitMine has also announced plans to target 5% of Ethereum's total supply. Together, ETF purchases, exchange outflows, and staking demand suggest sustained accumulation across institutional and on-chain channels, even as the BlackRock wallet transfer introduces near-term uncertainty.
Traders will monitor upcoming ETF flow data and on-chain wallet activity to determine whether this transfer marks a broader repositioning by BlackRock or a routine custodial move. Ethereum faces support near $1,850 and resistance around $1,920, with a daily close above the 23.6% Fibonacci retracement at $1,850.21 needed to maintain the breakout structure.
This article is for informational purposes only and does not constitute investment advice.
