BlackRock, the world’s largest asset manager with $11 trillion in AUM, moved a big batch of Bitcoin and Ethereum out of its ETF wallets in recent days. Data from Arkham shows 2,854 BTC worth roughly $314 million and 29,639 ETH valued near $115 million were sent to Coinbase Prime — so the total is now $430 million. Both addresses were tied directly to BlackRock’s iShares Bitcoin Trust and iShares Ethereum Trust.
These transfers line up with a heavy week for redemptions across spot ETFs. Last week alone, $1.23 billion left Bitcoin funds, with Oct. 16 recording $536 million in outflows alone — the biggest single-day withdrawal this month. The next day, Oct. 17, added another $366 million.
BlackRock deposited 2,854 $BTC($314M) and 29,639 $ETH($115M) to #CoinbasePrime again over the past 24 hours.https://t.co/qmuDIrPHc6 pic.twitter.com/XupBGIxkzl
— Lookonchain (@lookonchain) October 21, 2025The pressure did not stop there as, in this new week, in the span of two days, more than $900 million were pulled out.
Key reasons are to be found on the price charts. Bitcoin trades near $108,000, failing to make it over $110,500, and with the stronger ceiling at $115,400 looking unreachable right now. Ethereum, at the same time, remains under the crucial psychological mark of $4,000, with no clear inflow support.
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Does BlackRock really sell Bitcoin and Ethereum?
As of now, the story seems obvious: while ETF investors pulled out capital, BlackRock wallets released underlying coins into Coinbase Prime, the broker that handles settlement and execution or, in other words, the selling of those BTC and ETH.
BlackRock selling Bitcoin and Ethereum remains the main theory because, when shares are redeemed, the fund must deliver crypto back, and Coinbase Prime receives it. Arkham’s data just confirms that nearly half a billion dollars in Bitcoin and Ethereum left BlackRock’s custody within the same window that spot ETFs bled close to a $1 billion in two days.
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