BlackRock received a cumulative total of 1,019.27 BTC (about $64.64M) and 301.77 ETH (about $570K) from Coinbase Prime within a few hours. These are the underlying custody addresses for IBIT and ETHA when submitting purchase instructions. The key is not the size of the amounts, but the direction and pace: the spot buys of $65.21M in a single day occurred during a BTC range-bound window of $63K–$65K, indicating that the buyer was not deterred by the price.
Chain-of-transmission: Coinbase Prime is the only compliant, sufficiently deep institutional OTC pool. Orders of this scale from BlackRock would be routed to consume liquidity from OTC desks, reducing the impact on the public order book, but they will be reflected in the change of BTC balances on the Coinbase exchange.
If Coinbase’s BTC reserve continues to decline tonight, leveraged short positions in the near term will face a squeeze. ETH’s share is only 0.87%, suggesting current capital preference remains BTC as the main allocation, with ETH as a passive position.
Viewpoint: This is not a single isolated event, but a microscopic slice of continuous accumulation under the ETF mechanism. Institutional capital hasn’t left the market; it’s just waiting for macro data to play out. Check tonight’s official IBIT flow data to confirm: if net inflows are > $50M, the outlook remains bullish; if below $10M, the near-term repair logic will be delayed.
Chain-of-transmission: Coinbase Prime is the only compliant, sufficiently deep institutional OTC pool. Orders of this scale from BlackRock would be routed to consume liquidity from OTC desks, reducing the impact on the public order book, but they will be reflected in the change of BTC balances on the Coinbase exchange.
If Coinbase’s BTC reserve continues to decline tonight, leveraged short positions in the near term will face a squeeze. ETH’s share is only 0.87%, suggesting current capital preference remains BTC as the main allocation, with ETH as a passive position.
Viewpoint: This is not a single isolated event, but a microscopic slice of continuous accumulation under the ETF mechanism. Institutional capital hasn’t left the market; it’s just waiting for macro data to play out. Check tonight’s official IBIT flow data to confirm: if net inflows are > $50M, the outlook remains bullish; if below $10M, the near-term repair logic will be delayed.