BlackRock transferred 8,700 Ethereum, worth approximately $15.81 million, to Coinbase Prime on July 9, according to onchain data tracker Onchain Lens. The move comes from wallets linked to BlackRock's Ethereum ETF and coincides with outflows from its ETHA fund, drawing attention from traders monitoring ETF flows.
Details of the Transfer
Onchain Lens reported that the 8,700 ETH originated from BlackRock's Ethereum ETF-related wallets and were sent to Coinbase Prime. This is not the first time BlackRock has moved crypto assets to the exchange; on July 9, it also transferred 951.5 BTC worth $59 million to Coinbase Prime, while the IBIT ETF withdrew 883.6 BTC ($54.8 million) from Coinbase Prime on July 8. The ETH transfer aligns with outflows from BlackRock's ETHA ETF, which saw 7,240 ETH ($12.67 million) exit on July 9, according to Sosovalue data.
Broader ETF Outflows
Ethereum ETFs collectively experienced $52.08 million in total outflows on July 9, with Fidelity's FETH leading the decline. This follows a weak first half for Ethereum ETFs, which posted $690 million in net outflows in June, extending a negative trend from Q1. Traders are watching these flows closely as they seek clues about the market's direction for the rest of the year.
Historical Context and Price Action
Historically, Q3 has often been a strong period for Ethereum. CoinGlass data shows that Ethereum averaged gains of 8.08% in Q3, with seven positive quarters out of eleven since 2016. In 2025, Ethereum gained 66.55% in Q3, pointing to a potential recovery. However, past performance is not a guarantee. Ethereum (ETH) rose 2.6% in the last 24 hours to $1,790, outperforming Bitcoin, as it attempts to break a pattern of lower highs and lower lows.