BlackRock Dumps $297M In ETH And BTC, Will Prices Drop?

Key Insights:

• BlackRock sold 44,774 Ethereum and 900 Bitcoin worth $101.67M.
• The combined transactions equal about $297M worth of crypto.
• Lookonchain described the move as BlackRock selling “again,” suggesting repeated large disposals.

BlackRock just made some more serious changes in its crypto holdings, according to on-chain data. Blockchain analytics show that BlackRock-labeled wallets moved massive amounts of ETH and BTC in early September.

Lookonchain reported that on September 9, “BlackRock just sold 44,774 ETH ($195.29 Million) and 900 BTC ($101.67 million) again” – about $342 Million in total.

BlackRock’s 13F filings and Arkham data indicate the firm holds roughly 746K BTC and 3.762 million ETH – about $99 billion in crypto.

Crypto Holdings of BlackRock

BlackRock is by far the largest holder in crypto ETFs. Its iShares Bitcoin Trust holds about 746,000 BTC ($82.4 billion) and its Ethereum ETF holds 3.762M ETH ($16.5 billion).

Together, Bitcoin and Ethereum make up roughly 99.7% of BlackRock crypto assets. In 2025, BlackRock bought and sold large blocks of each coin.

In late May–early June, it transferred 5,362 BTC ($561 million) to Coinbase Prime while acquiring 27,241 ETH ($69 million).

Mid-August, it moved another 1,885 BTC ($111.7 Million) and 59,606 ETH ($254.4 Million) to Coinbase. Most recently, the September 3 re-balance saw BlackRock sell $151.4 million in ETH and buy $290 million in BTC.

In every case, these transfers coincided with ETF flow data: for example, on September 3, BlackRock’s ETH ETF saw a $151 million outflow and its BTC ETF a $289.8 million inflow.

On-Chain Data: Recent ETH & BTC Shifts by BlackRock

On-chain analytics captured these moves in real time. Lookonchain and Arkham data noted the September 3 reallocation: “BlackRock sold $151M ETH and bought $289.8 million BTC.”

The following week, BlockAlysis (via OnchainDataNerd) reported that BlackRock deposited 33,884 ETH (~$148.6 Million) into Coinbase on September  5, implying potential sell-pressure.

That same day, Bitmine (a known miner) withdrew 38,709 ETH ($167.2 million), slightly offsetting the net flow. Then, on September 9, Lookonchain flagged the combined sale of 44,774 ETH ($195.29 million) and 900 BTC ($101.67 million) mentioned above.

By contrast, on September 4, BlackRock was a net buyer of BTC ETFs: inflows of 2,588  BTC ($284 million) that day. Each of these transfers was routed through Coinbase Prime, where large custodial trades occur.

What Next for Bitcoin and Ethereum Prices?

So far, both coins remain near multimonth highs despite the selloff by BlackRock. As of September 9, Bitcoin was hovering around $112,000, and Ethereum was near $4,350.

Both cryptos have been near these levels respectively for the past few days, despite the big transfers.

Back on September  3, after BlackRock’s $151 million sale of ETH ($290 million buy of BTC), ETH fell 3.3% and BTC 2.1%. That session closed with BTC $109,422 and ETH $4,306.

Since then, both have rebounded. Notably, large ETH deposits to exchanges often precede selling pressure, while major withdrawals (like Bitmine’s) remove supply and can be bullish.

For now, markets have absorbed BlackRock’s moves: high trading volumes and continued inflows from retail/offshore buyers have kept support levels intact.

In sum, on-chain data confirms BlackRock has shifted hundreds of millions between BTC and ETH in recent weeks. These flows coincide with ETF redemptions in ETH and inflows in BTC.

Traders will watch if continued selling pressure emerges – especially if new large transfers hit exchanges – but as of this writing, prices remained firm around $112K for BTC and $4.35K for ETH.

Previously (e.g., September 3 rebalance), BlackRock’s trades briefly weighed on price, but longer-term trends can also depend on broader market demand and ETF flows.