BlackRock moved 72,212 Ethereum ($ETH), valued at about $151.4 million, from its ETF deposit wallets to @Coinbase Prime in four installments over roughly an hour, according to Arkham Intelligence data.

The four transfers were for 39,292 $ETH, 13,136 $ETH, 10,000 $ETH and 9,784 $ETH. The latest batch lifts BlackRock's cumulative Ethereum outflow since Oct. 1 to 791,758 $ETH, or nearly $1.74 billion.

What a Coinbase Prime Deposit Does and Does Not Mean

A deposit to Coinbase Prime does not by itself confirm a sale. Crypto Briefing notes that Coinbase Prime is the primary custodian and execution agent for BlackRock's crypto ETFs, handling buying, selling, settlement and redemptions, as described in the firm's SEC filings. Transfers can therefore reflect custody, redemptions or rebalancing rather than selling.

Know when your
coins move

The same report describes a two-way pattern. When investors buy shares of the iShares Ethereum Trust (ETHA), BlackRock needs to acquire the underlying ether, and when investors redeem, the process runs in reverse. Crypto Briefing also reported that on-chain trackers including Arkham Intelligence and Lookonchain have recorded recurring large transfers between BlackRock-linked wallets and Coinbase Prime.

This is not the first large move this month. PANews, citing Onchain Lens, reported that BlackRock sent about 45,240 $ETH, worth roughly $104.76 million, from its ETHA and ETHB wallets to Coinbase Prime on Oct. 27. Coin Edition reported a further transfer of about 40,715 $ETH on Nov. 9, based on Onchain Lens data.

ETF Outflows Provide Context

The wallet activity comes as US spot Ether ETFs record steady withdrawals. TokenPost, citing SoSoValue data, reported that these funds posted $184.51 million in net outflows on Nov. 9, the third consecutive session of withdrawals, with ETHA accounting for $119.28 million of that total.

Earlier data shows a longer trend. TokenPost reported that ETHA's October net outflows totaled $1.4205 billion, or 88.4% of the $1.6072 billion in combined net outflows from listed Ether ETFs that month. Crypto Times, citing SoSoValue, reported that Ether ETFs lost $365 million in the week to Nov. 6, the sixth consecutive week of net outflows, with ETHA losing $345.9 million.

Whether the latest transfers relate to redemptions or other operational needs has not been confirmed. Arkham and other on-chain trackers show wallet movements but not the purpose behind them.

Sources

Crypto Briefing: BlackRock deposits 54,096 $ETH and 2,015 BTC to Coinbase Prime

TokenPost: BlackRock's ETHA sheds $119.28 million as Ethereum spot ETFs extend outflows

Crypto Times: Bitcoin ETFs Record $1.28B in Weekly Outflows, Ethereum Loses $365M