BlackRock, Fidelity Deposit $81M ETH to Coinbase Prime After $104M ETF Outflows

BlackRock and Fidelity transferred 35,394 ETH (~$81M) to Coinbase Prime on May 8, matching $104M spot ETH ETF outflows on May 7 that snapped a four-day inflow streak totaling ~$272M through May 6. The shift follows early-week DeFi hack fallout ($625M losses) sparking a 72,000% exit queue surge to 433K ETH and ~60K ETH exchange inflows, temporarily offset by ETF buying from Grayscale ($10M) and BlackRock ($2.1M) on May 6. Amid $8B tokenized Treasuries ATH and persistent whale selling (-21.5% to 12.52M ETH), ETH trades near $2,283 with short-term downside risks.