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Highlights
- BlackRock moved 1,885 BTC and 59,606 ETH to Coinbase.
- This comes as the crypto ETFs continue to witness significant outflows.
- Bitcoin and Ethereum are down over 8% in the last seven days.
The world’s largest asset manager, BlackRock, is again selling Bitcoin and Ethereum. This follows outflows from the firm’s crypto ETFs, as investors continue the wave of profit-taking from these funds.
BlackRock Offloads Bitcoin and Ethereum
Arkham Intelligence data shows that the asset manager moved 1,885 BTC ($111.66 million) and 59,606 ETH ($254.43 million) to Coinbase Prime today. Transfers to exchanges typically indicate a move to sell these coins.
These transfers to the top crypto exchange follow the outflows BlackRock recorded for its Bitcoin and Ethereum ETFs on August 20. SoSo Value data shows that the iShares Bitcoin ETF saw outflows of $220 million yesterday. Meanwhile, the iShares Ethereum ETF saw outflows of $257.78 million.
The world’s largest asset manager was just one of four Bitcoin ETF issuers that recorded outflows on the day. Ark Invest, Grayscale, and Fidelity saw outflows of $75.74 million, $8.98 million, and $7.46 million, respectively. These account for the net outflows of $311.57 million that these ETFs as a group recorded yesterday.
Meanwhile, notably, BlackRock’s Ethereum ETF was the only ETH fund that recorded net outflows on the day. Grayscale and Fidelity recorded net inflows of $9 million and $8.64 million, respectively. However, this wasn’t enough to stop the bleeding, as the ETH ETFs as a group recorded a daily net outflow of $240.14 million.
Crypto ETFS On An Outflow Streak
BlackRock and other crypto ETF issuers are witnessing a streak of daily net outflows from their funds. The Bitcoin ETFs have recorded four consecutive days of outflows, which began on August 15. As a result, $970.82 million has moved out of these funds during this period.
These outflows continue to force the asset managers to offload Bitcoin as they move to make redemptions for investors. As CoinGape reported, Ark Invest and BlackRock had sold over 1,000 BTC combined earlier this week, thanks to outflows from their respective funds.
BlackRock’s Ethereum ETF and other ETH funds have also witnessed a similar fate of four consecutive days of outflows. $925.83 million has been moved out of these funds during this period. Notably, these funds recorded a daily net outflow of $429.73 million on August 19, which is one of the largest since they launched last year.
The outflows from these funds have sparked a bearish sentiment in the crypto market, with the Bitcoin and Ethereum prices currently facing a significant correction. TradingView data shows that the BTC price is down over 8% in the last seven days, following its rally to a new all-time high (ATH) of $124,000 last week.
Meanwhile, the Ethereum price is down over 10% in the last seven days. ETH has dropped from a 2025 high of around $4,700 to as low as $4,100 during this period.
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