BlackRock Moves $123M in BTC, ETH to Coinbase Amid ETF Outflows

BlackRock transferred a combined $123 million worth of Bitcoin and Ethereum to Coinbase (NASDAQ: COIN), according to Arkham data. The move involved 1,134 BTC valued at $101 million and 7,255 ETH worth approximately $22 million. This activity took place shortly after significant outflows from the company’s Bitcoin and Ethereum ETFs were recorded on December 31.

SoSoValue data revealed that Bitcoin ETFs saw $348.10 million in net outflows on the final trading day of 2025. Ethereum ETFs followed with $72.06 million in net outflows. BlackRock’s own funds accounted for $99.05 million of the Bitcoin outflows and $21.5 million from the Ethereum segment.

The repeated daily outflows have added considerable pressure on Bitcoin and Ethereum prices. Bitcoin ETFs experienced net outflows in eight of the last nine trading days, while Ethereum ETFs saw similar trends on five out of the last six trading days.

Options Expiry Coincides with Transfers

These movements came as $2.2 billion in crypto options expired across major assets, including Bitcoin, Ethereum, Solana, and XRP. Data reported by CoinGape noted the maximum pain point for Bitcoin options stood at $88,000. This expiry timing likely contributed to the increased market volatility and potential liquidity adjustments by large holders such as BlackRock.

Despite institutional selling pressure, Bitcoin showed signs of recovery. It rebounded from an intraday low near $88,300 to briefly touch above $89,600. Market sentiment received a slight boost as the total crypto market capitalization rose above $3 trillion. Altcoins such as PEPE also posted notable intraday gains.

On-Chain Metrics Reflect Weak Demand

Glassnode reported that ETF flow metrics continue to reflect weak institutional demand for both Bitcoin and Ethereum. The 30-day simple moving average of ETF net flows remains negative. However, long-term holders have largely refrained from selling despite market turbulence and ongoing ETF outflows.