BlackRock-Linked Wallets Send $355.6 Million in Crypto to Coinbase Prime
BlackRock-linked spot ETF wallets transferred 3,215 bitcoin worth about $262.4 million and 38,882 ether worth $93.2 million to Coinbase Prime on October 23, 2026. The move followed $635.6 million in net outflows from spot bitcoin ETFs the previous day. The article notes that the bitcoin amount closely matches an earlier IBIT redemption, suggesting settlement of existing orders rather than necessarily new selling.
On October 23, 2026, wallets associated with BlackRock’s spot ETFs sent 3,215 bitcoin and 38,882 ether to Coinbase Prime, totaling roughly $355.6 million. The transfers occurred within two hours, after net outflows of $635.6 million from spot bitcoin ETFs the previous day and a 3.3% bitcoin drop to $81,429.
The bitcoin movement closely tracked a $254.1 million redemption from iShares Bitcoin Trust on October 22. Because ETF share sales do not always shift underlying coins, such transfers can reflect authorized participants settling redemptions rather than fresh market selling.
The transfer may affect ETF investors and crypto traders by reinforcing caution around large exchange inflows, though the redemption link could temper fears of immediate selling. Broader markets could see short-term volatility if observers interpret such moves as bearish, while institutional custody and settlement practices may become more familiar to retail participants. The episode could also encourage closer scrutiny of on-chain data and how ETF redemptions are reported.