BlackRock Withdraws Large Amounts from Coinbase Prime

BlackRock, one of the major institutions managing cryptocurrency investment products, has made significant withdrawals from Coinbase Prime. According to on-chain data, BlackRock withdrew 2,607 Bitcoin (BTC) and 28,391 Ether (ETH) from the exchange.

The assets were worth approximately $177.56 million and $59 million, respectively. Transfers from an exchange to an external wallet are generally viewed as a sign of long-term holding or custody transfer.

Market participants are closely watching how asset movements by large institutions affect supply-demand dynamics and investor sentiment. The withdrawal could also be tied to changes in the market's supply structure.