Important points
- BlackRock transferred approximately $182 million in Bitcoin and approximately $91 million in Ethereum to Coinbase Prime.
- The assets were deposited in Coinbase Prime’s institutional custody and trading platform.
BlackRock transferred 2,019 Bitcoin worth about $182 million and 29,928 Ethereum worth about $91 million to Coinbase Prime on Monday, according to blockchain data tracked by Arkham Intelligence.
The market tends to pay close attention to the company’s on-chain movements, often followed by large flows later in the day or in subsequent sessions.
BlackRock’s Bitcoin ETF recorded more than $240 million in net outflows last week, while the firm’s Ethereum fund lost about $558 million without a single day of positive inflows, according to Pharcyde Investors.
Last week, crypto investment products lost $952 million in capital. The economic downturn halted four consecutive weeks of inflows, mainly due to $555 million outflows from Ethereum funds and $460 million outflows from Bitcoin funds.
After falling below $85,000 late last week, Bitcoin has rebounded above $90,000 ahead of the U.S. market open today. The recovery has lifted overall sentiment, with the market capitalization of cryptocurrencies up 1.5% to $3.1 trillion in the past 24 hours, according to CoinGecko.