Institutional Giant BlackRock Moves $816 Million Worth of BTC and ETH

TL;DR

• BlackRock transferred 6,735 BTC ($616M) and 64,706 ETH ($200M) to Coinbase Prime.
• The $816 million deposit follows a record $513 million BTC withdrawal.
• Analysts note that, despite pressure, the move is consistent with risk management practices.

According to data from the on-chain intelligence platform Arkham, investment management giant BlackRock has moved a substantial amount of crypto assets to Coinbase Prime.

The transaction took place on Wednesday, November 19, with BlackRock depositing 6,735 BTC, equivalent to $616 million, and 64,706 ETHS, about $200 million. This massive move, valued at around $816 million, comes immediately after the fund’s largest single-day BTC withdrawal, a $513 million dump on Tuesday.

Speculation vs. Risk Management

While transactions of this magnitude often trigger speculation about selling pressure, experts suggest that the activity is consistent with BlackRock’s standard liquidity and risk management practices.

However, the timing coincides with broader uncertainty: the market faces liquidity challenges and subdued sentiment ahead of key US employment data. Ethereum, in particular, briefly dipped below the $3,000 level, affected by combined ETF withdrawals.

Analysts warn that short-term pressure for Bitcoin and Ethereum will persist. Analyst Ted Pillows indicated that BTC must reclaim the $94,000 zone to avoid another correction, while ETH needs to reclaim $3,200 to re-establish bullish momentum. Despite the jitters, other analysts like Merlijn The Trader highlight strong underlying demand for ETH. The market will monitor whether BlackRock’s transfer of Bitcoin and Ethereum to Coinbase marks profit-taking or a simple routine rebalancing.