BlackRock sends $244M in crypto to Coinbase as ETF flows tracked

BlackRock transferred 3,625 bitcoin and 20,598 ether to Coinbase on Tuesday, a $244.8 million move tracked by on-chain monitors.

On-chain monitoring service Onchain Lens flagged the deposits, which follow $918.5 million in bitcoin moved to Coinbase custody over the prior three days. The cumulative 15,442 BTC transferred since late June represents one of the largest recent movements from BlackRock's ETF wallets to the exchange.

The 3,625 BTC, valued at about $212.4 million, and 20,598 ETH, worth roughly $32.4 million, were sent from wallets associated with BlackRock's spot ETF operations, according to blockchain data. Bitcoin traded at $58,676 as of Tuesday, below its 50-day exponential moving average of $60,460, with the relative strength index at 39.24 — levels that typically suggest bearish momentum. The MACD death cross at -500.54 and price action near the lower Bollinger Band at $58,265 reinforce the downward structure.

Large deposits to exchanges are often viewed as potential selling pressure, though routine ETF rebalancing or custody shifts can produce similar on-chain signatures. BlackRock's IBIT fund, the largest spot bitcoin ETF with more than $20 billion in assets under management, regularly moves coins between custodians for operational purposes. The market will watch for any filing updates clarifying intent.

The transfers come as BlackRock deepens its crypto footprint beyond ETF custody. The asset manager joined more than 140 companies including Coinbase, Visa and Stripe in backing Open USD, a new stablecoin unveiled Tuesday by independent operator Open Standard. BlackRock also recently partnered with Ethena to integrate the USDe synthetic dollar into its Aladdin risk platform, used to manage about $25 trillion in assets across global finance.

Bitcoin's price structure remains fragile after the October 2025 Binance liquidation cascade that wiped $19 billion in leveraged positions, according to exchange data. The simultaneous AI infrastructure buildout pulled institutional capital into hardware plays rather than crypto, adding to the headwinds. With resistance at $60,460 and support at $58,265, the next directional move hinges on whether BlackRock clarifies the purpose of these transfers.

This article is for informational purposes only and does not constitute investment advice.