BlackRock Reports Significant Ethereum Outflows and Transfers

TLDR

• BlackRock’s ETHA saw a $103.3 million outflow on December 18.
• BitMine Immersion now holds nearly 4 million ETH, surpassing BlackRock.
• BlackRock transferred 47,463 ETH valued at $140 million to Coinbase.

BlackRock, the largest asset manager globally, has seen significant movements in its cryptocurrency holdings. On December 18, 2025, BlackRock’s iShares Ethereum Trust ETF (ETHA) reported a net outflow of 36,579 ETH, valued at $103.3 million. This event is part of a broader trend of Ethereum ETF outflows, totaling $224 million on the same day.

Amid heavy redemptions, BlackRock was observed transferring large amounts of ETH to Coinbase Prime. These transfers included 47,463 ETH valued at $140 million on December 16 and 74,973 ETH worth $220 million on December 17. These actions were likely for rebalancing or custody operations rather than immediate sales.

Ethereum Transfers Lead to Market Reactions

As of mid-December 2025, ETHA managed by BlackRock held approximately 3.7 million ETH, which exceeded $11 billion in value. However, BitMine Immersion, under Chairman Thomas Lee, has recently surpassed BlackRock’s holdings. BitMine now holds nearly 4 million ETH, representing 3.2% of the total supply, thanks to an aggressive accumulation strategy that added 102,000 ETH in one week.

• Heavy outflows observed in Ethereum ETFs.
• BlackRock utilizes Coinbase Prime for significant ETH transactions.

Impacts on Ethereum and Cryptocurrency Markets

The movements of ETH have impacted its market price, which has been trading between $2,935 and $3,000 due to the market selloff. Bitcoin experienced a dip below $86,000, influencing other altcoins as well. Despite outflows from ETHA amounting to $103.3 million on December 18, there were also notable inflows of $23.21 million in ETH that week.

BlackRock’s strategy contrasts with that of BitMine Immersion, indicating a divergence in how institutional players approach their Ethereum portfolios. Although BitMine has been accumulating, BlackRock’s movements seem focused on operational adjustments rather than increasing direct exposure.

BlackRock’s Continued Influence in the Crypto Sector

BlackRock has been a major player in the realm of spot crypto ETFs since early 2024, when it launched its Bitcoin ETF, IBIT. Currently, this fund manages assets worth over $85 billion. The addition of Ethereum exposure followed with ETHA and further increased with a $28.78 million ETH acquisition for the firm’s BUIDL fund, emphasizing Ethereum’s role as key infrastructure.

Thomas Lee, Chairman of BitMine Immersion, remains bullish: “projecting Ethereum could reach $7,000 by early 2026.”

Thomas Lee

Despite recent outflow trends, no direct quotes from BlackRock or its executives have emerged in official publications or on social media platforms. The firm’s web page for the iShares Ethereum Trust ETF states that the NAV on December 17, 2025, was $21.32, reflecting a daily decrease of 4.45% and a year-to-date decline of 15.86%, consistent with the noted outflows’ impact on prices.

• No official statements from BlackRock’s media channels.
• NAV reflects significant daily and yearly price declines.

For more insights into the iShares Ethereum Trust ETF, visit BlackRock’s dedicated page.