BlackRock's IBIT transfers $610M in BTC to Coinbase Prime

An address linked to BlackRock's spot Bitcoin ETF (IBIT) has transferred 6,735 BTC, worth $610 million, to Coinbase Prime over the past 15 minutes, according to Onchain Lens. Around the same time, the address also sent 64,706 ETH ($190 million) to the same destination. Onchain Lens noted that it is highly likely the IBIT address will make additional transfers. Coinbase Prime is a prime brokerage platform that provides large-scale trading and custody services for institutional investors.