Just-In: BlackRock Is Selling Bitcoin and Buying Ethereum

BlackRock shifts $561M in BTC, adds $69M in ETH as ETF inflows favor Ethereum over Bitcoin amid market rebalancing and price dip.
By Kelvin Munene Murithi
Updated June 4, 2025

Highlights

  • BlackRock moved 5,362 BTC worth $561M to Coinbase while buying 27,241 ETH.
  • iShares Bitcoin Trust saw $561M in ETF outflows between May 30–June 2.
  • Ethereum ETFs posted 11 straight days of inflows, totaling $3.12B so far.

BlackRock has shifted $130 million worth of Bitcoin while increasing its Ethereum holdings with a $69 million purchase. The movement took place between May 30 and June 2 and aligns with major outflows from BlackRock’s iShares Bitcoin Trust.

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Blackrock Bitcoin Withdrawals Trigger ETF Rebalancing

On-chain data shows that BlackRock transferred 5,362 BTC to Coinbase Prime over a two-day period. These withdrawals began on May 30, with 4,113 BTC sent to Coinbase and another 1,249 BTC moved on June 2. The total value of the Bitcoin sent stood at approximately $561 million.

However, data from ETF flow reports confirms that $130.4 million was withdrawn from the iShares Bitcoin Trust on June 2. A larger $430.8 million outflow was recorded on May 30. This brings the two-day total ETF outflows to $561 million, which matches the volume of BTC moved on-chain.

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According to Onchain Lens, the Bitcoin was sent in multiple transactions, most in blocks of 300 BTC. All transactions were processed via Coinbase Prime, which is used for institutional-level custody and trading. This suggests that the assets were either sold, rebalanced, or moved to other investment structures.

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Ethereum Holdings Increase as BTC is Reduced

While reducing its Bitcoin position, BlackRock added 27,241 ETH to its wallets from Coinbase, valued at around $69.25 million. During the same period, Ethereum spot ETFs saw steady inflows, led by BlackRock and Fidelity.

BlackRock’s iShares Ethereum Trust recorded $48.4 million in net inflows on June 2. Fidelity’s Ethereum Fund received $29.78 million. No other Ethereum ETF providers posted inflows on the same day. Total Ethereum ETF inflows for the day reached $78.17 million.

SoSo Value data confirms that this was the 11th consecutive day of inflows into Ethereum ETFs. Since launch, these funds have collected a total net inflow of $3.12 billion. Ethereum’s rising inflow trend contrasts with the recent slowdown in Bitcoin ETF investments.

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Bitcoin Price Movements Influence Trading Activity

Bitcoin price recently reached an all-time high of $112,000 before falling to around $103,000. As of June 3, the price rebounded slightly to $106,600. The recent market dip has led some investors to lock in profits and rebalance their portfolios.

This BTC price movement aligns with the observed ETF outflows. Bloomberg ETF analyst Eric Balchunas noted that ETF redemptions usually force asset managers to reduce their positions. This is likely the reason behind BlackRock’s large BTC outflows.

Despite the recent withdrawals, BlackRock’s iShares Bitcoin Trust remains among the top holders of BTC. The fund currently holds over 661,000 Bitcoin, valued at around $70 billion with Bloomberg analyst predicting Blackrock IBIT to become largest BTC holder. Since its launch, the fund has attracted $48.439 billion in total inflows.

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Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
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