TLDR
- Lookonchain reported that BlackRock-linked wallets transferred 72,212 ETH, worth $151.4 million, to Coinbase Prime.
- BlackRock’s ETHA recorded $119.3 million in net outflows on November 9.
- BlackRock’s staked Ethereum fund, ETHB, recorded another $20.8 million in net withdrawals.
- The two BlackRock funds represented approximately 76% of November 9’s total Ethereum ETF net outflows.
- ETHA recorded $285.3 million in combined net outflows across three consecutive trading sessions.
On November 10, Lookonchain reported that BlackRock-linked wallets deposited 72,212 ETH into Coinbase Prime. The blockchain tracker valued the transfer at $151.4 million.
It followed $140.1 million in combined withdrawals from BlackRock’s two Ether funds on November 9. The timing raises questions about ETF settlement activity, rather than proving a direct market sale.
Two BlackRock Funds Account for Most Outflows
BlackRock’s iShares Ethereum Trust ETF (ETHA) lost $119.3 million on November 9, Farside data shows. Its iShares Staked Ethereum Trust ETF (ETHB) recorded another $20.8 million in net outflows.
Together, they accounted for approximately 76% of the $184.6 million industrywide net outflow. ETF flows measure net dollar movements, while the Coinbase deposit reflects a reported gross transfer of Ether.
U.S. spot Ether funds recorded withdrawals across three consecutive trading sessions, beginning November 5. Across those sessions, ETHA alone lost $285.3 million. Industrywide net withdrawals totaled $377.8 million, based on Farside’s daily figures.
These figures describe investor flows through regulated investment products, not blockchain transactions. The November 10 transfer cannot establish which fund, if either, initiated the movement.
The reviewed issuer filings did not identify Tuesday’s transfer or explain its purpose. No matching transaction hash was independently verified during this review.
ETHB’s November 6 regulatory filing reported 337,045 ether staked at September’s end. That represented 76.4% of the fund’s holdings. This custody consideration does not identify which wallet supplied Tuesday’s transfer.
Coinbase Prime Transfer Does Not Establish a Sale
BlackRock’s latest quarterly filing explains how ETHA processes creations and redemptions. Authorized participants can exchange qualifying blocks of shares for cash or ether.
For cash transactions, the trust may buy or sell ether through approved counterparties. It can also use Coinbase Prime as an execution agent.
Consequently, sending ether to Coinbase Prime does not confirm an executed market sale. Its purpose could involve settlement, custody arrangements, or redemption processing. Determining the precise reason requires corresponding transaction records or issuer confirmation.
Arkham’s BlackRock entity page aggregates wallets attributed to the asset manager. Its address labels offer investigative leads, not independent confirmation of each transfer’s economic purpose. On-chain movements and ETF fund-flow reports therefore answer different questions.
Previous Blockonomi coverage examined similar BlackRock-linked transfers to Coinbase Prime during ETF withdrawals. The November 10 movement adds another reported custody event, not proof that investors immediately sold ether.
Farside’s November 10 ETF flow entries remained unreported when these figures were checked. Updated fund disclosures could clarify whether the following session extended the withdrawal streak.
