On-chain data shows substantial bitcoin and ether movements linked to BlackRock’s spot ETFs, echoing earlier January flows tied to creation and redemption activity.

Over the past several hours, wallets connected to BlackRock’s spot bitcoin and ether ETFs transferred more than $430 million in crypto to Coinbase Prime, according to Arkham. This marks one of the largest ETF-related transfer clusters seen this week.

The transfers coincided with heavy outflows from U.S.-listed spot crypto ETFs, suggesting redemption-driven settlement rather than discretionary selling. Spot bitcoin ETFs recorded $708.71 million in net outflows, including $356 million from BlackRock, while ether ETFs shed $297.51 million, $250 million of which came from BlackRock, according to SoSoValue.

The movements included roughly 3,070 bitcoin, valued at $276 million, and about 52,800 ether, worth $157 million at current market prices. Assets originated from addresses tied to BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), with Coinbase Prime as the destination.

Coinbase Prime is used by authorized participants and institutional clients to facilitate creation and redemption of shares for U.S.-listed spot ETFs. As with similar transfers earlier this month, these flows are largely operational rather than direct spot-market sales, though short-term volatility can occur depending on hedging or settlement activity.

This activity follows a January 13 transfer of roughly $300 million in bitcoin and ether from BlackRock wallets, which coincided with a brief bitcoin rally above $92,000 during U.S. trading hours.

As of mid-January, IBIT remains the largest institutional holder of bitcoin, while ETHA is among the largest regulated vehicles for ether exposure. On-chain activity from these funds is closely monitored during periods of market stress or recovery.

Ahead of U.S. market hours, bitcoin traded just under $90,000 and ether hovered near $3,000 as broader crypto markets attempted to stabilize after a volatile stretch driven by macro headlines and shifting risk sentiment.