ETHA Redeems 7,240 ETH in a Session as BlackRock Routes 8,700 ETH to Coinbase Prime
On-chain flows show BlackRock's ETH ETF wallets moving 8,700 ETH to custody as category-wide redemptions push cumulative outflows near $690M.
Wallets tied to BlackRock’s spot ether ETF ETHA sent 8,700 ETH — roughly $15.81 million at the time of transfer — to Coinbase Prime within the past several hours, on-chain data shows. The destination matters: Coinbase Prime is the institutional custody and execution rail issuers use to stage redemption flows, so a transfer of this size flagged instantly on trackers monitoring ETF-linked addresses.
Category outflows hit $52.08M, ETHA alone down 7,240 ETH
The move landed on the same session spot Ethereum ETFs booked $52.08 million in net outflows as a category, with Fidelity’s FETH leading redemptions, per flow data cited by Coinotag. Issuer-level figures show ETHA alone shed 7,240 ETH — about $12.67 million — on July 9, a redemption that lines up almost exactly with the on-chain transfer to Coinbase Prime.
BlackRock’s ETHA remains the most closely watched line item in Ethereum ETF flow data, functioning as a de facto proxy for institutional conviction. A single-session drawdown north of 7,000 ETH from the largest issuer signals redemption pressure is still active even at the deepest-pocketed end of the allocator base, rather than a sign of accumulation at current levels.
Cumulative net outflows near $690M since Q1
This is not an isolated print. June stands as the heaviest month on record for Ethereum ETF redemptions, and cumulative net outflows have now reached approximately $690 million since the negative streak began in Q1, according to the same flow data. That scale of sustained redemption removes a structural demand source that had previously helped absorb drawdowns, making the flow trend a key input for any base-building thesis on ETH.
Spot price diverges: ETH at $1,790, support rated 73/100
Price action is running counter to the redemption data for now. ETH is up 2.6% over 24 hours to trade near $1,790, outperforming bitcoin while still working within a broader pattern of lower highs and lower lows.
Technical levels put the pivot at $1,779.82, with resistance layered at $1,832.50, $1,896.27 and $1,985.30, and support at $1,746.40, $1,682.64 and $1,615.03. The $1,746.40 level carries a strength score of 73/100 in Coinotag’s model, the 14-day RSI reads 56.9, and the broader trend is classified sideways.
The gap between ETF-side redemptions and spot buyers defending the $1,746–$1,790 zone is the setup traders are tracking most closely — this kind of divergence between fund flows and spot demand has historically preceded a directional break rather than continued consolidation.
Read more: VanEck Amends ETH ETF Filing With Fee Waiver as Issuers Compete on Cost