BlackRock has moved more than $600 million worth of bitcoin and ether to Coinbase Prime wallets over the past 48 hours. The market is interpreting it as a move tied to ETF fund flows and is watching future net inflows and outflows.

U.Today, a blockchain media outlet, reported on Tuesday that BlackRock transferred 7,160 bitcoin and 98,850 ether over the past two days to wallets linked to Coinbase Prime. The total value was about $611 million based on prices at the time.

The transfer is seen as an extension of a recent trend in which BlackRock-held cryptocurrencies are being moved to external wallets.

On-chain data shows the bitcoin was moved in three separate transfers, while more than 51,000 ether was moved in a single transaction. Blockchain analytics firm Lookonchain said the process was carried out through multiple Coinbase Prime-linked addresses.

Some in the market also view the move as effectively a signal of preparations to sell. A pattern in which BlackRock shifts holdings to Coinbase Prime has often appeared during periods of net outflows from spot ETFs. Investors are therefore discussing the possibility that the large move is also tied to ETF redemptions.

It has not been confirmed whether the transfer led to actual market selling. Some investors say it could be a simple asset transfer or part of liquidity management, leaving interpretations divided.

The market is also seeing analysis that BlackRock clients are still maintaining a cautious investment stance. With volatility continuing in the crypto market, some say large transfers like this could continue if ETF inflows slow.

The price impact is also still uncertain. Market participants are paying attention to the possibility that BlackRock's continued token transfers are linked to ETF fund flows, but say it is difficult to conclude price moves in bitcoin and ether based on this transfer alone.

The key point to watch is whether ETF fund flows reverse. If money starts flowing back into ETFs, BlackRock's asset-transfer pattern could change, and the market is closely tracking future net inflows and outflows as well as the scale of any additional transfers.