Arkham Intelligence data shows that the asset manager transferred 1885 BTC ($111.66 million) and 59,606 ETH ($254.43 million) to Coinbase Prime today. Transfers to exchanges often indicate a sale of these coins.
These transfers to the cryptocurrency exchange platform come after the outflows that BlackRock recorded for its Bitcoin and Ethereum ETFs on August 20. SoSo Value data shows that the iShares Bitcoin ETF recorded outflows of $220 million yesterday. Meanwhile, the iShares Ethereum ETF recorded outflows of $257.78 million.
The largest asset manager in the world was just one of four Bitcoin ETF issuers that recorded capital outflows that day. Ark Invest, Grayscale, and Fidelity recorded capital outflows of $75.74 million, $8.98 million, and $7.46 million, respectively. This represents the net outflows of $311.57 million that these ETFs recorded together yesterday.
Meanwhile, it is noteworthy that BlackRock's Ethereum ETF was the only ETH fund that recorded net outflows that day. Grayscale and Fidelity recorded net inflows of $9 million and $8.64 million, respectively. However, this was not enough to stop the loss, as ETH ETFs, in total, recorded a daily net outflow of $240.14 million.
BlackRock and other cryptocurrency ETF issuers are experiencing a streak of daily net outflows from their funds. Bitcoin ETFs have recorded four consecutive days of outflows since August 15. As a result, $970.82 million has been withdrawn from these funds during this period.
These outflows continue to force asset managers to dispose of Bitcoin while seeking to make refunds to investors. Ark Invest and BlackRock sold more than 1000 BTC combined earlier this week, thanks to the outflows from their respective funds.
BlackRock's Ethereum ETF and other ETH funds have also experienced similar behavior: four consecutive days of capital outflows. During this period, $925.83 million has been withdrawn from these funds. Notably, these funds recorded a daily net outflow of $429.73 million on August 19, one of the largest since their launch last year.
The outflows from these funds have generated a bearish sentiment in the cryptocurrency market, and the prices of Bitcoin and Ethereum are currently facing a significant correction. TradingView data shows that the price of BTC has fallen more than 8% in the last seven days, after reaching a new all-time high (ATH) of $124,000 last week.
Meanwhile, the price of Ethereum has fallen more than 10% in the last seven days. ETH has dropped from a 2025 high of around $4,700 to a low of $4,100 during this period.
