BlackRock has moved a substantial amount of Bitcoin and Ethereum to Coinbase as the crypto market continues to face intense selling pressure. With major crypto ETFs also recording heavy outflows, the world’s largest asset manager appears to be positioning itself to sell part of its holdings during the ongoing downturn.
Key Highlights
- BlackRock transferred 4,198 BTC and 43,237 ETH to Coinbase, per Arkham data.
- Its Bitcoin and Ethereum ETFs saw major outflows on November 20.
- The broader crypto market is experiencing deep sell-offs and realized losses at FTX-era levels.
BlackRock Moves BTC and ETH to Coinbase Amid Market Slide
Arkham Intelligence data shows that BlackRock deposited 4,198 BTC and 43,237 ETH into Coinbase as the market continues to weaken. This move follows massive ETF outflows, including $903 million from Bitcoin ETFs and $261 million from Ethereum ETFs.
BlackRock’s own Bitcoin ETF recorded $355.5 million in outflows, while its Ethereum ETF saw $122.6 million leave the fund. These withdrawals reflect the widespread selling pressure that has spread across the entire crypto sector.
Earlier this week, CoinGape reported that BlackRock sent 6,735 BTC and 64,706 ETH to Coinbase after its Bitcoin ETF saw a record $523 million daily outflow on November 18 — the largest since launch.
Bitcoin Drops to $81,000 as Institutions and Whales Sell
The sell-off has intensified as institutional holders and large whales reduce exposure. Bitcoin plunged to $81,000, marking a new six-month low.
Veteran trader Peter Brandt warned that this drop could mark the beginning of a longer bearish phase, projecting a possible decline to $58,000. He still believes, however, that BTC could rally to $200,000 in the next major bull run.
Bitcoin critic Peter Schiff issued a far more bearish outlook, saying BTC could collapse to $10,000, arguing that the crypto market misled the financial world into accepting what he calls a “digital pyramid scheme.”
Realized Losses Hit Levels Last Seen During the FTX Collapse
On-chain analytics firm Glassnode reported that Bitcoin’s realized losses have surged to levels comparable to the FTX meltdown. Short-term holders are responsible for most of the selling, indicating a major capitulation phase.
Glassnode noted that the speed and magnitude of these losses signal a washout of marginal buyers as recent entrants exit at a loss. The firm also highlighted that the Mayer Multiple has retraced toward the lower end of its long-term range — a level historically associated with value-driven accumulation phases and price consolidation.
