BlackRock transferred $214 million in Bitcoin and Ethereum to Coinbase Prime in a series of year-end transactions.
The firm executed the move to actively manage liquidity. This action responds directly to cooling investor demand and a wave of redemptions hitting its U.S. spot crypto exchange-traded funds (ETFs).
BlackRock's Bitcoin ETF (IBIT) has recorded consistent outflows since December 18, with its Ethereum ETF facing similar pressure.
Analysts attribute this institutional repositioning to year-end factors, including tax-loss harvesting and profit-taking. Despite the large fund movement, the broader crypto market reaction remained muted, suggesting investors largely anticipated these year-end withdrawals.