BlackRock deposits $260M in BTC to Coinbase in past 24 hours

BlackRock, the world's largest asset manager and a spot Bitcoin ETF issuer, deposited 4,385 BTC, worth approximately $260 million, into Coinbase Prime over the past 24 hours, according to an analysis by Onchain Lens. During the same period, the firm also deposited ETH valued at $48.6 million. Over the last two days, BlackRock's total deposits to Coinbase have amounted to 11,817 BTC, worth $706 million. Such deposits are typically interpreted as part of the operational process for its spot cryptocurrency ETF, often related to settling redemptions from fund outflows. Yesterday, BlackRock's Bitcoin ETF, IBIT, recorded a net outflow of $300.4 million.