BlackRock has deposited 4,653 Bitcoin and 57,455 Ethereum, valued at over $673 million, into Coinbase Prime amid a market downturn. This move follows a $114.97 million Ethereum deposit in the previous 24 hours, according to Lookonchain data. The deposits are believed to be part of liquidity management for BlackRock's ETF products, including the iShares Bitcoin Trust, which launched in early 2024 and has become the largest bitcoin ETP in the U.S. by volume. While some traders interpret these transfers as a strategic shift, others see them as routine adjustments to meet the increasing demand for institutional-grade crypto products.