BlackRock moves $140 million in Ethereum to Coinbase as ETH slides 6%

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BlackRock transferred 47,500 Ethereum worth around $140 million to Coinbase Prime early today, according to data from Arkham Intelligence.

Ethereum was trading at $2,954 at press time, down over 6% in the last 24 hours, per CoinGecko. The digital asset dipped below $3,000 on Monday amid a market-wide selloff that saw Bitcoin sink under $86,000.

BlackRock’s latest ETH deposit follows weeks of choppy flows in BlackRock’s Ethereum ETF (ETHA). Data from Farside Investors shows the fund recorded a net outflow of $139 million yesterday, accounting for most of the $225 million pulled from US Ethereum ETFs.

As of December 12, ETHA held about 3.7 million Ethereum worth more than $11 billion. BlackRock’s fund now trails Tom Lee’s BitMine Immersion, which has expanded its holdings to nearly 4 million ETH in the past week.