BlackRock's Crypto Shuffle: Sell Ethereum, Buy Bitcoin as ETFs Hemorrhage Billions

BlackRock, the world’s largest asset manager, has made two high-profile movements in the cryptocurrency markets over the past 24 hours, sparking speculation about broader institutional strategies and their potential impact on crypto prices. The firm transferred approximately $254.4 million in Ethereum and $111.7 million in Bitcoin to Coinbase Prime on September 8, 2025, according to on-chain data. This move is being closely watched by market participants, as large transfers by institutional players often precede significant price action.

Simultaneously, BlackRock reportedly dumped 117,144 ETH, valued at around $507 million, over the past 24 hours, while purchasing 1,166.79 Bitcoin worth approximately $131.5 million. This dual approach—selling Ethereum while buying Bitcoin—suggests a potential realignment of crypto holdings, though the firm has not officially commented on its strategy. The transfers occurred amid heavy redemptions in BlackRock’s Ethereum ETFs, with outflows reaching $912 million in a single day and cumulative weekly outflows surpassing $27 billion.

The Ethereum market has been particularly affected. U.S. spot Ethereum ETFs, of which BlackRock holds nearly $16 billion, have seen sustained outflows as investors remain cautious about the asset’s regulatory challenges and scaling limitations. Ethereum’s price, however, has remained resilient, rising by 0.11% in the 24 hours following the transfer, with a 61.09% gain over 90 days. Meanwhile, Bitcoin’s ETFs saw inflows of $524 million during the same period, reinforcing its growing role as a safe-haven asset in an uncertain economic climate.

Analysts note that large-scale transfers by institutional actors like BlackRock can influence broader market sentiment, especially in the context of regulatory scrutiny and market uncertainty. Coincu experts observe that such asset shifts may reshape how institutional players engage with crypto assets, depending on regulatory developments and market conditions. Additionally, historical data suggests that similar movements by ETF managers have previously led to market corrections, underscoring the potential volatility associated with these transactions.

Despite the significant movements, both Ethereum and Bitcoin prices have not yet experienced major swings, with Ethereum trading at $4,364.50 and Bitcoin up 0.23%. However, investors remain on edge, with many monitoring whether these transfers will lead to broader selling or if they represent a strategic realignment by BlackRock rather than a bearish signal. The market will likely continue to react to further developments, especially as the firm holds a significant portion of the ETF market and its actions may influence investor behavior and market psychology.