The world's largest asset management company, BlackRock, has once again transferred $135 million worth of Ethereum to the cryptocurrency exchange Coinbase.
In the past week, the most closely watched event in the cryptocurrency market has been the frequent movements of on-chain whales. According to blockchain data monitoring, on December 3, 2025, BlackRock deposited 44,140 Ethereum, valued at approximately $135.36 million, into Coinbase Prime.
Just a month ago, similar operations had occurred multiple times. On November 4, BlackRock transferred over $290 million worth of Bitcoin and Ethereum to Coinbase; on November 17, the company transferred approximately $470 million worth of Bitcoin and $176 million worth of Ethereum. The first two transfers coincided with a period of sharp declines and liquidity tightening in the crypto market, and their movements were seen as reinforcing bearish signals, exacerbating market volatility.
1. Core of the Event
● The transfer event itself is quite clear. According to information from multiple blockchain data monitoring platforms, BlackRock deposited 44,140 Ethereum into Coinbase Prime on December 3.
● Based on the market price at the time of the transaction, this asset is valued at approximately $135 million. The transfer action was captured through on-chain monitoring and quickly spread throughout the crypto community and financial media.
2. Market Interpretation
● The market's first reaction to such large transfers is often concern. Traditional logic suggests that moving a large amount of cryptocurrency from a private wallet to an exchange is usually preparation for selling or trading, which can create direct selling pressure on the market.
● Especially when the transferring party is a financial giant like BlackRock, its movements are seen as a barometer of institutional sentiment. Many traders begin to closely monitor the depth of the market order book and changes in bid-ask spreads to anticipate potential price fluctuations.
● However, deeper analysis reveals another possibility. Evgeny Gaevoy, founder of market-making giant Wintermute, pointed out that such transfers are actually a "lagging indicator."
3. Underlying Mechanism
● The widespread panic in the market may stem from a lack of complete understanding of the ETF operating mechanism. BlackRock's on-chain transfers are actually part of the settlement process in the standard operation of its spot Bitcoin ETF (IBIT) and spot Ethereum ETF (ETHA).
● When an ETF experiences net outflows, market makers buy shares from ETF sellers and submit redemption requests to BlackRock, exchanging ETF shares for actual Bitcoin or Ethereum. This process typically has a one-day delay.
● The key point is that the real market selling pressure does not occur at the time the on-chain transfer is visible, but rather when market makers sell in the external market to hedge risks. This means that when retail investors see large on-chain transfers, the related selling pressure may have already been absorbed by the market a day earlier.
4. Pattern Analysis
Recent data shows that BlackRock has established a pattern of transferring large amounts of cryptocurrency to Coinbase.
● High transfer frequency and large scale, with significant transfers occurring almost weekly. In the past month, BlackRock has made at least four significant asset transfers, each amounting to hundreds of millions of dollars.
● Both ETH and BTC are being moved in large quantities, but ETH is more prominent. Multiple records show that the number of ETH transferred is quite substantial, often reaching tens of thousands, while BTC also maintains stable large flows.
● The operational behavior exhibits characteristics of "bulk and periodic" transfers. The intervals between transfers are generally around 7 to 10 days, with amounts being relatively concentrated, indicating that this is more likely a form of "normalized rebalancing" or institutional-level fund management process, rather than a one-off temporary event. The impact on market sentiment is significant, but it has not led to a consistent bearish trend.
Although large transfers to exchanges are typically seen as potential selling pressure, the past few events have not directly corresponded to obvious sell-offs; rather, they resemble routine asset flows of ETFs or custodial positions.
Here are the main transfer records from the past month:
December 3: Transferred 44,140 ETH, approximately $135 million.
November 24: Transferred 2,822 BTC + 36,283 ETH, approximately $345 million.
November 17: Another large transfer of BTC and ETH, totaling approximately $646 million.
November 4: Transferred 1,742.8 BTC + 22,681 ETH, approximately $293 million.
5. Market Views
● In response to BlackRock's frequent large transfers, cryptocurrency market analysts have divided into different camps. Some traders insist that this is a strong bearish signal, indicating that institutions may be reducing their positions or preparing to sell.
● However, another viewpoint argues that this is precisely a sign of the cryptocurrency market maturing and being accepted by the traditional financial system. The participation of institutions like BlackRock brings unprecedented liquidity and legitimacy to the market. This perspective believes that the long-term involvement of institutional investors will transform cryptocurrencies from speculative assets on the fringe into a mainstream asset class that can be allocated.
● Analysis from the crypto data analysis platform CryptoQuant indicates that since 2023, the number of retail investors holding small amounts of Bitcoin has decreased, while the influence of institutional investors has been steadily increasing.
● This shift is closely related to changes in the U.S. regulatory environment, especially the approval of spot Bitcoin ETFs, which allows institutional investors to invest in crypto assets without directly interacting with exchanges.
6. Investment Perspective
● For ordinary investors, understanding the large on-chain transfers by institutions like BlackRock requires looking beyond the surface. As market analysts have pointed out, these transfer data are best analyzed in conjunction with daily ETF inflow and outflow data.
● When seeing large on-chain transfers, investors should first check the fund flow of the relevant ETF products on the previous trading day, rather than immediately interpreting it as an additional bearish signal.
● This analytical approach can help investors avoid unnecessary panic and more accurately grasp the true dynamics of the market. In today's increasingly institutionalized crypto market, understanding the intersection of traditional financial operating logic and the characteristics of the cryptocurrency market will become an important basis for investment decisions.
● While the actions of financial giants on-chain are certainly eye-catching, mature investors have begun to learn to penetrate these appearances and seek the true pulse of the market.
As Bitcoin fell 4.5% during the transfer period, dropping below $104,000, Ethereum also fell 5.5%, trading below $3,390, as the market digests this information in its own way.
Recently, BlackRock CEO Larry Fink publicly admitted that his past opposition to Bitcoin was a mistake and stated that the company is "actively embracing Bitcoin." This giant, managing $10 trillion in assets, clearly has more to its crypto story.
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