Coinbase Prime Sends $262.4M Worth Ethereum to BlackRock ETH ETF

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Sujha Sundararajan

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Sujha Sundararajan

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July 25, 2024

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BlackRock iShares Ethereum ETF wallet has reportedly received $262.4 million in ETH from Coinbase Prime on Wednesday, according to Lookonchain. The large transfer reflects Blackrock’s strategic interest in expanding its Ethereum through its ETF offerings.

BlackRock now holds 79,699 ETH ($277 million) within two days of its launch.

BlackRock(iShares) Ethereum ETF wallet received 76,669 $ETH($262.4M) from #CoinbasePrime 10 hours ago.

According to #BlackRock's official website, #BlackRock currently holds 79,699 $ETH($277M).https://t.co/sefS6WTlHz pic.twitter.com/pvEGrWxvT9

— Lookonchain (@lookonchain) July 25, 2024

The US Securities and Exchange Commission (SEC) approved eight Ethereum Exchange-traded funds (ETFs) on Tuesday, several of which experienced high trading volume on debut day.

BlackRock’s iShares Ethereum Trust ETF emerged as a prime performer on day one, crypto analyst James Seyffart’s figures said. The product was in the lead with $266.5 million, he wrote on X.

Grayscale’s Massive Ethereum Transfers to Coinbase Prime

At a time when BlackRock iShares Ethereum ETF witnessed transfers from Coinbase Prime, Grayscale recorder massive outflow.

The Grayscale Ethereum Trust (ETHE), which is now converted into an ETF, transferred 140,044 ETH ($485.6 million) to Coinbase Prime. Per Lookonchain, it received 4,382 ETH ($14.8 million) from Coinbase Prime, with a net outflow of 135,662 ETH ($470.8 million).

In the past 24 hours, #Grayscale transferred 140,044 $ETH($485.6M) to #CoinbasePrime, and received 4,382 $ETH($14.8M) from #CoinbasePrime, with a net outflow of 135,662 $ETH($470.8M)!

According to #Grayscale's website, #Grayscale currently holds 2,489,075 $ETH($7.9B).… pic.twitter.com/2LYaRinh4h

— Lookonchain (@lookonchain) July 25, 2024

Grayscale currently holds a substantial $7.9 billion worth Ethereum – 2,489,075 ETHs, – according to the fund’s website.

The net outflows of all the Ethereum ETFs have recorded $113.3 million on their second trading day, mainly due to the bleeding from Grayscale’s Ethereum Trust.

The massive outflows have driven down the price of the second largest cryptocurrency by market cap. As a result, the ETH price has come under strong selling pressure. Ethereum, on Thursday, fell by 8.5% in the last 24 hours and is trading at 3,165 at press time.