Important points
- BlackRock transferred 47,500 Ethereum worth $140 million to Coinbase Prime.
- BlackRock’s Ethereum ETF (ETHA) experienced volatile flows and net losses as funds exited the market.
BlackRock transferred 47,500 Ethereum worth approximately $140 million to Coinbase Prime early today, according to data from Arkham Intelligence.
According to CoinGecko, Ethereum is trading at $2,954 at the time of writing, down more than 6% in the past 24 hours. The digital asset fell below $3,000 on Monday amid a market-wide decline that saw Bitcoin drop below $86,000.
BlackRock’s latest ETH deposits come after weeks of volatility for BlackRock’s Ethereum ETF (ETHA). The fund recorded net outflows of $139 million yesterday, accounting for the bulk of the $225 million withdrawn from the U.S. Ethereum ETF, according to data from Farside Investors.
As of December 12, ETHA holds approximately 3.7 million Ethereum, worth more than $11 billion. BlackRock’s fund is currently following Tom Lee’s Bitmine immersion, which has grown its holdings to nearly 4 million ETH over the past week.