BlackRock Accumulates 681 Bitcoin and 6,000 Ethereum as Grayscale Moves to Sell

Recent data from Lookonchain shows different moves between two leading issuers of Bitcoin and Ethereum spot ETFs, BlackRock and Grayscale. Notably, both companies executed large transfers involving Bitcoin and Ethereum (ETH) through Coinbase Prime within hours of each other. 

Grayscale is selling while BlackRock is buying!

Grayscale deposited 525 $BTC($57.22M) and 21,030 $ETH($80.84M) to #CoinbasePrime 3 hours ago.

Meanwhile, BlackRock withdrew 681 $BTC($74.72M) and 6,000 $ETH($22.91M) from #CoinbasePrime an hour ago.https://t.co/OcQGQe8US6… pic.twitter.com/enqkl7tBKU

— Lookonchain (@lookonchain) October 23, 2025

On October 23, Lookonchain reported that Grayscale moved 525 BTC and 21,030 ETH — valued at approximately $138.06 million — to Coinbase Prime. Such transfers to exchanges are generally interpreted as preparation for potential selling, suggesting that Grayscale may be positioning to offload some of its Bitcoin and Ethereum holdings.

About an hour later, BlackRock withdrew 681 BTC and 6,000 ETH — worth roughly $97.63 million — from the same platform. Exchange withdrawals are commonly viewed as signs of accumulation, implying these assets may be intended to support the firm’s Bitcoin and Ethereum ETFs.

ETF Flows Reflect the On-Chain Pattern

These blockchain movements align with ETF flow data from October 23, which indicated outflows from Grayscale’s funds and inflows into BlackRock’s. CoinGlass data shows the Grayscale Bitcoin Trust (GBTC) recorded a 562.62 BTC outflow, while BlackRock’s iShares Bitcoin Trust (IBIT) gained 1.00K BTC in inflows on the same day.

Both issuers’ Ethereum ETFs showed a similar pattern. Grayscale’s ETHE and ETH funds together saw 20,690 ETH leave, while BlackRock’s Ethereum ETF (ETHA) registered a 28,600 ETH inflow, absorbing the outflow and adding approximately 8,000 ETH more.

Long-Term Trends Highlight Shifting ETF Demand

Cumulative data shows the scale of this divergence. Since inception, Grayscale’s GBTC has sold 245,430 BTC, while BlackRock’s IBIT has acquired 667,270 BTC. Between October 10 and October 23 alone, GBTC sold 3,310 BTC, compared to just 310 BTC sold by IBIT.

For Ethereum, Grayscale’s ETHE and ETH funds have sold over 1.08 million ETH since launch, including 145,270 ETH over the past nine days. BlackRock’s ETHA ETF, by contrast, reported lifetime inflows exceeding 4.03 million ETH as of October 9. However, the fund has since seen a minor reduction of about 70,000 ETH amid broader market volatility.

The opposing flows come as Bitcoin trades around $111,060 and Ethereum near $3,944, each with 1.6% daily volatility. Total market capitalizations stand at $2.21 trillion and $475.65 billion, respectively, with daily trading volumes exceeding $80 billion combined.