BlackRock transfers Bitcoin and Ethereum to Coinbase following ETF outflows

BlackRock’s recent transfer of over $120 million in Bitcoin and Ethereum to Coinbase Prime has sparked discussions about a potential sell-off and bearish sentiments looming over the crypto market.

The transaction, which involved 1,134 BTC and 7,255 ETH, was closely monitored by blockchain data analysts Arkham Intelligence and Lookonchain. The movement of such a significant amount of digital assets has raised questions about BlackRock’s current perspective on cryptocurrencies and its strategic positioning within the market.

The transfer came on the heels of substantial outflows from the US spot Bitcoin ETFs at the end of 2025. A total of $348 million was withdrawn from these funds, with BlackRock’s IBIT fund alone accounting for $99 million of the outflows. Similarly, Ethereum ETFs experienced combined outflows of $72 million, contributing to a general sense of caution among investors.

Despite its significant holdings, including 770,791 BTC worth $67.4 billion, BlackRock’s recent actions have signaled a potential shift in the landscape. The company’s dominance in the Bitcoin ETF market might be waning, especially considering the persistent negative netflows observed over recent trading days for both BTC and ETH.

Coinciding with BlackRock’s transfers was the expiration of $2.2 billion in crypto options, featuring positions in major cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana. The expiry triggered concerns about potential downside pressure, with analysts warning that continued outflows from institutions like BlackRock could drive Bitcoin below $90,000, potentially pushing the digital asset towards the $50,000 range.

However, amid these uncertainties, there have been some positive indicators. While market sentiment remains cautious, both Bitcoin and Ethereum managed to register modest gains. Bitcoin saw a 1.78% increase, trading around $89,412, while Ethereum climbed 2.25% to approximately $3,048. Additionally, Ethereum also recorded a 7.12% uptick in trading volume, suggesting sustained interest from investors.

Despite these positive price movements, the crypto market continues to tread carefully as BlackRock’s intentions remain unclear. The company’s strategic decisions carry significant weight in the market, and its recent actions could have far-reaching implications for the entire crypto ecosystem. As one industry observer pointed out, BlackRock’s actions cannot be ignored, especially given the timing of these transfers amidst broader market events like ETF outflows and options expiries.

In conclusion, the recent movements by BlackRock have left the crypto market on edge, with market participants closely monitoring the potential impact of these actions. The coming days will likely provide more insights into the company’s motives and shed light on the broader implications for the evolving crypto landscape.