BlackRock moved approximately $390.8 million in Bitcoin to Coinbase Prime as its spot bitcoin ETF faced heavy November outflows, underscoring continued volatility across crypto markets.
BlackRock Moves 4,471 BTC to Coinbase Prime
BlackRock deposited around 4,471 BTC—worth roughly $390.8 million—to Coinbase Prime, an institutional trading and custody platform. The asset manager did not disclose the purpose of the transfer. Market analysts said such exchange-bound movements are often associated with liquidity needs for rebalancing or potential sales during periods of heightened volatility.
ETF Outflows Accelerate in November
The transfer comes amid a week of pronounced redemptions from BlackRock’s spot crypto products. The firm’s spot bitcoin ETF has recorded about $2.2 billion in net outflows in November, while more than $1 billion exited its Bitcoin trust and approximately $559 million left its Ethereum trust over the past week, according to market flow data cited by analysts. Earlier in the month, BlackRock’s iShares Bitcoin Trust (IBIT) also saw more than $66 million in net outflows across two consecutive trading sessions during a sharp selloff.
Market Reaction and Price Action
Bitcoin’s price action has remained choppy. Over the last 24 hours, BTC dipped to about $86,129 before rebounding above $90,300. The move builds on a broader fourth-quarter pattern marked by swift reversals, following a late-November correction that briefly pushed prices below $80,000 and spurred profit-taking among institutional holders.
Institutional View on Bitcoin’s Role
Despite the turbulence, institutional asset managers say Bitcoin’s role in portfolios continues to evolve. In a podcast published Friday, Robbie Mitchnick, BlackRock’s head of digital assets, described Bitcoin’s global payments use case as “out-of-the-money option-value upside” for clients—suggesting many still view the asset primarily through a portfolio construction lens rather than as a day-to-day payment network.
Some analysts argue that ongoing integration into institutional workflows could encourage larger, more systematic allocations over time, potentially reducing volatility as market depth and liquidity improve.
Key figures
- 4,471 BTC (approx. $390.8M) transferred to Coinbase Prime
- $2.2B in November outflows from BlackRock’s spot bitcoin ETF
- Over $1B outflows from its Bitcoin trust and $559M from its Ethereum trust over the last week
- Bitcoin 24-hour range: $86,129 low to above $90,300