BlackRock Continues Its Bitcoin and Ethereum Sell-off Today, Moving a Substantial Portion of Its Assets to Crypto Exchange Coinbase Prime

The panic in the cryptocurrency market has intensified, with the Crypto Fear and Greed index dropping to 10, a level last seen in 2022.

BlackRock continued selling Bitcoin and Ethereum today, transferring a substantial portion of the assets to crypto exchange Coinbase Prime.

The panic in the cryptocurrency market has intensified, with the Crypto Fear and Greed index dropping to 10, a level last seen in 2022. Notably, the Solana meme coin fallout and Donald Trump’s recent tariff vows have spurred this skepticism.

At the same time, the U.S. Bitcoin and Ethereum spot ETFs saw outflows yesterday, with the products selling $754 million in BTC and $364 million in ETH. Among the products, BlackRock's iShares Bitcoin Trust sold $418 million in BTC as investors massively withdrew funds from the issuer.

BlackRock Dumps Fresh Bitcoin and Ethereum

Data from Arkham shows that the issuer of the fastest-growing fund in ETF history sold 5,100 BTC ($441 million) and 30,280 ETH ($71.85 million) today.

The leading Bitcoin ETF issuer began shifting the cryptocurrency in batches of 300 BTC over 17 transactions around 11:15 (UTC) on Thursday. Before then, the address tied to BlackRock had already moved 30,280 ETH over four transactions to the same recipient.

The prominent asset manager transferred the Bitcoin to the Coinbase Prime deposit address. The batches began arriving at 11:15 (UTC) on Thursday, beginning with 300 BTC.

The prominent asset manager transferred the Bitcoin to the Coinbase Prime deposit address. The batches began arriving at 11:15 (UTC) on Thursday, beginning with 300 BTC.

The apex asset manager is now left with 583,019 BTC and 1.328 million ETH at the time of writing.

Other Asset Managers Also Selling

The sales reflect the outflows recorded in the U.S. Bitcoin and Ethereum spot ETFs. Other asset managers also sold substantial amounts of the assets in the past 24 hours.

For context, the Bitcoin products sold $754 million worth of the asset yesterday, with BlackRock leading the dumps. The asset manager's iShares Bitcoin Trust sold $418 million in BTC as investors massively withdrew funds from the issuer.

Other notable sales came from the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Ark 21 Shares Bitcoin ETF (ARKB), which saw an outflow of $145.7 million and $60.46 million, respectively.

At the same time, BlackRock's Ethereum fund (iShares Ethereum Trust) saw outflows in the U.S. Ethereum spot ETFs yesterday, dumping nearly $70 million worth of the asset.

Fidelity, Grayscale, and Bitwise saw outflows culminating in a combined $24.5 million.