TLDR
- BlackRock moved $292M in Bitcoin and $372M in Ethereum to Coinbase, likely preparing to sell amid ETF outflows.
- BlackRock’s Bitcoin ETF (IBIT) saw a $292M outflow, while Ethereum ETF (ETHA) experienced a $374M outflow on August 4.
- BlackRock’s crypto ETF outflows contributed to a market correction, causing Bitcoin and Ethereum prices to drop significantly.
- Bitcoin and Ethereum ETFs recorded $333M and $465M in outflows, with BlackRock accounting for a large portion of the decline.
BlackRock has moved significant amounts of Bitcoin and Ethereum from its crypto ETFs to Coinbase. The transfers follow the outflows seen in its crypto exchange-traded funds (ETFs) on August 4. The moves have raised questions about whether BlackRock plans to sell the assets as crypto prices continue to slide.
BlackRock Moves $664M in Crypto Assets Amid ETF Outflows
On August 5, BlackRock moved 2,544 BTC and 101,975 ETH, valued at $292 million and $372 million, respectively, to Coinbase Prime. These transfers raised speculation that the firm may be preparing to sell the assets.
Arkham Intelligence data shows that the Bitcoin and Ethereum were moved in smaller batches, with 300-coin transactions for BTC and 10,000-coin batches for ETH. This move aligns with the significant outflows BlackRock’s crypto ETFs experienced the day prior.
On August 4, BlackRock’s Bitcoin ETF (IBIT) saw a net outflow of $292 million, while its Ethereum ETF (ETHA) recorded a $374 million outflow. These outflows were part of a larger trend, with the broader Bitcoin funds experiencing a $333 million outflow and Ethereum funds seeing a record $465 million in withdrawals. These figures reflect increased profit-taking amid a market correction.
BlackRock has been aggressively selling $BTC and $ETH today.
They have transferred $290M in BTC and $372M in ETH to Coinbase today.
This is probably why BTC dumped below $113K while ETH is also struggling to hold above $3,600.
It seems like the max pain is not in yet. pic.twitter.com/3hKaVn1vm4
— Cas Abbé (@cas_abbe) August 5, 2025
Despite these sales, there is some relief for the market. The SEC has approved in-kind creation and redemptions for crypto ETFs, allowing asset managers to swap shares for the underlying assets, which could reduce the need to sell coins in the future.
Market Faces Pressure as Bitcoin and Ethereum Prices Decline
Bitcoin and Ethereum prices, along with the broader crypto market, have seen declines amid significant crypto ETF outflows. On August 5, Bitcoin dropped by over 2%, falling to as low as $112,700, while Ethereum fell 4%, dropping to $3,556. This downturn is part of a broader market correction fueled by profit-taking.
Both Bitcoin and Ethereum had reached new highs in the previous month, with Bitcoin peaking at $123,000 and Ethereum approaching $3,900. However, after these significant gains, investors are now looking to lock in profits, contributing to the current market slowdown.
While the crypto market briefly gained momentum on August 4 following news of potential changes at the Federal Reserve, the market has since pared these gains. The outflows from BlackRock’s crypto ETFs are further intensifying the profit-taking behavior, causing additional downward pressure on prices.
Crypto ETF Outflows Reflect Broader Market Profit-Taking Trends
BlackRock’s ETF outflows reflect a larger trend within the crypto market. On August 4, Bitcoin and Ethereum ETFs experienced record outflows, contributing to the ongoing market challenges.
Bitcoin funds as a group saw a net outflow of $333 million, while Ethereum funds recorded $465 million in outflows. These withdrawals have added pressure to the overall market, exacerbating the price drops of both Bitcoin and Ethereum. The outflows are indicative of investor caution as many look to take profits following recent price surges.
Although the SEC has approved in-kind creation and redemptions for crypto ETFs, which would allow asset managers to swap shares for underlying assets instead of selling them, the current trend shows that BlackRock has chosen to liquidate its holdings. As a result, the market continues to adjust to these shifts, with prices still under pressure.
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