According to data released by blockchain monitoring platform Lookonchain on February 9, BlackRock's associated ETF address transferred 2,268 BTC (worth about $155.94 million) and 45,324 ETH (worth about $91.77 million) into Coinbase Prime.
Institutional Capital Accelerates Market Entry
This significant transaction indicates that major traditional financial institutions are intensifying their presence in the cryptocurrency market. As one of the world's largest asset management firms, BlackRock's moves often serve as a market barometer.
Coinbase Emerges as Preferred Institutional Platform
Coinbase Prime, a trading platform specifically designed for institutional investors, has attracted heavyweight players like BlackRock due to its security and compliance features.
- Bitcoin transfer amount: 2,268 BTC (approximately $156 million)
- Ethereum transfer amount: 45,324 ETH (approximately $91.77 million)
- Total value: around $247 million
Market analysts suggest that institutional investors are increasing their allocation to digital assets through regulated channels such as ETFs, signaling a potential turning point for the crypto market.