Bitcoin rose above the $92,000 level during early U.S. trading hours as large onchain transfers linked to BlackRock drew attention across crypto markets. Blockchain data showed that wallets associated with BlackRock’s spot crypto exchange traded funds transferred roughly $300 million worth of digital assets to Coinbase Prime. The transfers included approximately 3,290 bitcoin valued near $298 million and 5,692 ether worth about $18 million. Such movements are commonly associated with ETF creation and redemption activity handled by authorized participants, rather than outright spot selling. The timing of the transfers coincided with bitcoin extending a tentative rebound that began earlier in the week, reinforcing the view that ETF related flows remain a central driver of short term price action in the digital asset market.
Market participants broadly interpreted the transfers as operational rather than directional. Coinbase Prime is frequently used by large institutions to source or redeem assets tied to ETF shares, and similar movements have previously reflected client rebalancing or settlement logistics. Bitcoin’s price reaction suggested that traders did not view the activity as a bearish signal, with the asset holding above key psychological levels after briefly pushing higher. Analysts noted that while bitcoin has regained momentum following a choppy end to December, the move remains technically cautious as prices stay below recent local highs near $95,000. The broader market context also played a role, with improving sentiment tied to stabilizing macro expectations and renewed focus on institutional positioning at the start of the year.
BlackRock’s bitcoin exposure remains a focal point for investors tracking institutional demand. Its iShares Bitcoin Trust continues to be the largest spot bitcoin ETF in the market, holding nearly 774,000 bitcoin as of mid January. The fund has accumulated steadily since its launch, cementing its role as a primary vehicle for U.S. institutional exposure to bitcoin. BlackRock also maintains a sizable position in ether through its iShares Ethereum Trust, which represents a meaningful share of ether’s circulating supply. As ETF flows normalize after year end adjustments, traders are closely watching whether sustained inflows return in the coming weeks. The latest transfers highlight how ETF mechanics, rather than speculative selling, continue to shape price dynamics as bitcoin attempts to build a more durable recovery.
