BlackRock Moves $200M BTC and ETH as Crypto ETPs See $3.2B Outflows Since October 10 Crash

BlackRock deposited a large amount of Bitcoin and Ethereum to a U.S. crypto exchange while exchange traded funds saw hefty outflows. On-chain records indicated that the transactions took place in late December, amid continuing selling across spot crypto funds.

BlackRock Sends Bitcoin and Ethereum as ETF Outflows Continue

Arkham data shows that BlackRock transferred 2,201 Bitcoin valued at about $192 million and 7,557 Ethereum worth close to $22 million to Coinbase Prime. The combined value of the transaction exceeded $214 million at the time. The assets were sent from wallets linked to the asset manager.

SoSoValue figures showed that Bitcoin ETFs recorded a net daily outflow of $275.88 million on December 26. BlackRock’s IBIT fund accounted for $192.61 million of that total. Ethereum ETFs also recorded net outflows of $38.70 million on the same day. BlackRock’s ETHA fund saw $22.12 million exit.

The pressure extended beyond daily ETF figures. Crypto exchange-traded products recorded net outflows of $446 million over the past week. The pattern has remained in place since a sharp market correction earlier in the fourth quarter.

CoinShares Reports $3.2B Outflows and Mixed ETF Demand

CoinShares reported that cumulative outflows since October 10 have reached $3.2 billion. The firm said investor sentiment has stayed cautious as the year nears its end. Despite the recent withdrawals, year-to-date inflows still totaled $46.3 billion, a level close to earlier 2024 readings.

James Butterfill, head of research at CoinShares, said assets under management have risen by only 10% this year. He said that once inflows and redemptions are considered, average investor results have remained limited. 

Outflows from Bitcoin and Ethereum products remained consistent. XRP and Solana ETPs posted the biggest inflows, taking in $70.2 million and $7.5 million, respectively. However, as other products saw muted moves.