BlackRock Cuts $151M ETH Exposure, Adds $290M in Bitcoin

BlackRock has leaned far more heavily into Ethereum (ETH) than Bitcoin (BTC) in 2025, significantly shifting the makeup of its crypto holdings.

At the start of the year, Arkham data showed the firm’s wallets holding about 552,550 BTC, valued at $51.16 billion with Bitcoin at $92,595, alongside 1.07 million ETH, worth $3.59 billion at $3,354.

According to SoSo Value, By September 3, 2025, those balances had grown to 747,469 BTC, about $82.92 billion at $108,304, and 3.77 million. ETH, roughly $16.65 billion at $4,389.

That represents a 35.3% increase in Bitcoin holdings—or +194,919 BTC—versus a massive 252.3% jump in Ether holdings, equivalent to +2.71 million ETH.

In relative terms, BlackRock’s pace of ETH accumulation has been about 7.15 times faster than its BTC growth, underscoring a clear strategic tilt toward Ethereum in 2025.

However, U.S. crypto ETFs showed a clear rotation in early September. After a blockbuster August in which Ethereum-based funds raked in $3.87 billion of net new money, flows have flipped.

On Sept. 2, Ethereum spot ETFs saw $135 million in outflows, while Bitcoin ETFs drew $332.7 million in net inflows.

This week’s pivot is led by marquee funds: Fidelity’s Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust accounted for most of the recent Bitcoin demand.

By Sept. 3, BlackRock’s NASDAQ-listed ETH ETF (ticker ETHA) reported a $151.39 million net outflow, selling roughly 33,880 ETH.

Fidelity’s CBOE-listed ETH fund also saw modest inflows, $65.78M on Sept. 3, but overall the reversal underscores waning demand for ETH assets after August’s surge.

BlackRock Shifts Position: $151M ETH Sale, $290M Bitcoin Buy

On Sept. 3, data from ETF issuers show BlackRock reallocated heavily from Ether to Bitcoin. Its Ethereum ETF (ETHA) shed $151.39M of assets (net outflow).

Simultaneously, BlackRock’s new iShares Bitcoin Trust (ticker IBIT) added $289.84M (net inflow) on the same day.

In effect, BlackRock flipped about $440M of exposure away from ETH and into BTC in 24 hours. These are issuer-reported figures and confirm the firm’s active rebalancing.

BlackRock remains the largest sponsor of both Bitcoin and Ethereum spot ETFs, and September 3 flows suggest a strategic shift in its crypto exposure.

Bitcoin spot ETFs have enjoyed strong inflows this week. Cumulative flows through Sept. 2 totaled roughly $332.7 million.

Fidelity’s FBTC led the charge with about $132.7M of inflows on Sept. 2, while BlackRock’s IBIT took in $72.8M that day. BlackRock added an additional $289.8M on Sept. 3.

By contrast, Bitcoin ETFs collectively lost $751M in August, underscoring the recent turnaround.

Institutional players appear to be reallocating capital back into Bitcoin after favoring ETH. Bitcoin’s price has responded, bouncing back toward $111,000–$112,000 as ETF buying picked up.

Fed Rate-Cut Bets Boost Bitcoin Demand

The shift into Bitcoin coincides with growing expectations of Federal Reserve monetary easing. Markets now price roughly an 87% probability of a Fed rate cut at the September meeting.

Analysts say this dovish outlook is spurring risk-on demand for assets like crypto. In fact, a recent report notes that Bitcoin’s rally was “driven by a mix of … sustained institutional inflows and macroeconomic optimism” following dovish Fed signals.

CoinSwitch Markets data also highlight this link: Bitcoin ETFs saw $507.5M of inflows in a recent week, with gains attributed in part to Fed rate-cut expectations.

In short, the near-certainty of Fed easing appears to be renewing institutional appetite for Bitcoin’s “digital gold” play, even as Ethereum funds see outflows.