BlackRock has transferred 8,700 ETH—valued at approximately $15.81 million—to Coinbase Prime in the latest significant move tracked on the blockchain. According to data from Onchain Lens, the transfer originated from wallets linked to BlackRock’s Ethereum ETF, known by its ticker ETHA, coinciding with escalating outflows from the fund.
Transfer coincided with mounting ETF redemptions
On the same day, BlackRock’s spot Ethereum ETF, ETHA, saw a net outflow of 7,240 ETH, representing around $12.67 million. This continued a trend of weak capital inflows into Ethereum ETFs, underlining continued pressure on the investment products amid challenging investor sentiment.
BlackRock, one of the world’s largest asset managers, remains under close observation in the cryptocurrency ETF sector. Coinbase Prime, on the other hand, serves as a leading platform offering custody, trading, and execution services tailored to institutional clients navigating the digital asset space.
According to Onchain Lens, 8,700 ETH was moved from BlackRock’s ETHA-linked wallets to Coinbase Prime during the exact period when substantial outflows hit ETHA.
Outflows deepen in Ethereum ETFs
Data for July 9 shows total daily outflows from spot Ethereum ETFs reaching $52.08 million. The largest single-fund withdrawal was recorded in Fidelity’s FETH. These figures highlight persistently weak short-term investor demand across the sector.
ETF flows have become a key barometer of overall market sentiment in recent quarters. June stood out as a period of heightened redemptions, with Ethereum ETFs seeing $690 million in net outflows—extending the negative streak that began in the first quarter of the year.
| Item | Amount |
|---|---|
| BlackRock transfer | 8,700 ETH |
| Transfer value | $15.81 million |
| ETHA daily outflow | 7,240 ETH |
| ETHA daily outflow value | $12.67 million |
| Total daily Ethereum ETF outflow | $52.08 million |
| Net figure after June | $690 million net outflow |
Market looks to Q3 signals
Following a lackluster first half of the year, investors have begun watching for signals that could shape the remainder of 2026. Historical data suggest that the third quarter has sometimes marked the beginning of recovery phases for Ethereum.
Analytics from CoinGlass reveal that since 2016, Ethereum has averaged an 8.08% return in third quarters, finishing seven out of the last eleven Q3 periods in positive territory. Notably, Q3 of 2025 saw a robust 66.55% surge.
Despite prior years hinting at stronger Q3 trends, investors are cautious, noting that a lack of new catalysts means past performance alone might not be enough to spark a sustainable recovery.
It is repeatedly emphasized that historical results are no guarantee of future outcomes. Over the past 24 hours, Ethereum posted a 2.6% gain, outperforming Bitcoin and climbing to $1,790. This price action fuels ongoing debate about whether ETH can break above its pattern of descending highs and lows.
