Spot Bitcoin and Ethereum exchange-traded funds recorded combined outflows of $185.1 million, marking a resumption of capital withdrawal from the dominant on-chain crypto investment vehicles. Bitcoin ETFs saw outflows of $129.62 million while Ethereum ETFs lost $55.51 million, according to data from SoSoValue, with smaller positions in Solana, XRP, Chainlink, Dogecoin, Litecoin, Hedera, and Polkadot showing flat flows.
BlackRock, the world's largest asset manager, transferred 930 Bitcoin ($65.48 million) and 12,687 Ethereum ($27.75 million) to Coinbase Prime in a single transaction. The custody move—totaling approximately $93.23 million in combined holdings—suggests either portfolio rebalancing or preparation for increased institutional activity on the exchange's prime services platform.
The coordinated ETF outflows and BlackRock's custody transfer indicate mixed institutional sentiment despite recent price stability. While BlackRock's movement to a major exchange custodian could signal active trading intentions, the broader ETF withdrawal pattern suggests investors are rotating capital elsewhere or taking profits from spot positions.