BlackRock has transferred approximately $270 million in Bitcoin and Ethereum to Coinbase Prime. The move involved 2,563 Bitcoin, valued at $173 million, and 49,852 Ethereum, worth $97 million.
This significant transaction occurs as BlackRock's flagship crypto funds face a surge in redemptions. Its spot Bitcoin ETF, IBIT, recorded roughly $368 million in net outflows over the last three days. The firm's Ethereum fund, ETHA, saw $104 million withdrawn during the same period.
These movements are standard procedure for the creation and redemption of ETF shares, reflecting investor demand. However, the timing coincides with a broader market rebound following White House discussions on stablecoin yields and market structure bills. The administration is reportedly advancing a framework for limited stablecoin rewards, indicating a push for greater crypto integration.
Following these developments, Bitcoin surged past $68,000 and Ethereum neared $2,000. Bitcoin is currently trading around $67,500.