Key Insights
- BlackRock moved 4,198 BTC worth $348 million to Coinbase, causing BTC to drop below $81K.
- The asset management firm moved 43,237 ETH valued at $117 million into Coinbase.
- Outflows from spot Bitcoin and Ethereum ETFs have put BTC and ETH under extreme selling pressure.
BlackRock, the world’s largest asset manager, dumped more Bitcoin and Ethereum from its exchange-traded fund on Friday. As a result, Bitcoin price tanked below $81K, extending the 24-hour drop to 10%.
This comes after US-listed spot Bitcoin ETFs saw the second-biggest outflow of $903 million. The broader crypto market has erased more than $1.3 trillion since October amid extreme fear sentiment.
BlackRock Moves Bitcoin and Ethereum to Coinbase
According to on-chain data platform Lookonchain data, BlackRock deposited 4,198 BTC worth almost $348 million to Coinbase crypto exchange. This triggered further selling to tank Bitcoin price below $81K.
In addition, BlackRock also deposited 43,237 ETH valued at $117 million into Coinbase. ETH price tumbled to $2,645 as the asset management firm sold ETH, extending the 24-hour drop to 11%.
A few days ago, BlackRock dumped BTC worth $523 million. This was the largest net negative notional flow in the history of IBIT.
Sentiment among investors continues to fall as BlackRock has kept trimming its BTC and ETH holdings recently.
According to Coinglass data, the crypto market saw $2.22 billion in crypto liquidations over the past 24 hours.
Over 414K traders got liquidated, with the largest single liquidation order occurring on Hyperliquid of BTC-USD valued at $36.78 million.
Analysts claimed renewed risk-off sentiment and tech-stock selling as key drivers for massive liquidations. The crypto market has fallen into extreme fear, reflecting a sharp drop in risk appetite.
Bitcoin and Ethereum ETFs Saw Record Outflows
According to Farside Investors data, spot Bitcoin ETFs in the United States recorded $903.2 million in net outflow on Thursday.
This was the second-largest outflow until now, following $1.11 billion outflow recorded on February 25, 2025, as The Coin Republic reported.
BlackRock’s IBIT saw the most outflow of $355.5 million. This was followed by Grayscale’s GBTC and Fidelity’s FBTC with $199.4 million and $190.4 million outflows, respectively.
Spot Ethereum ETFs saw $261.6 million in net outflow. This was the eighth consecutive selloff, dragging ETH prices lower.
BlackRock’s ETHA led with $122.6 million in outflows and Fidelity recorded $90.5 million in outflows.
BTC and ETH Prices Under Extreme Selling Pressure
Bitcoin price tumbled below $81K after BlackRock sold more BTC holdings. At the time of writing, the price was down 9% at $83,864.
The 24-hour low and high were $80,659 and $91,572, respectively. Trading volume has climbed by 56% over the last 24 hours, indicating a rise in interest among traders.
Bitcoin price tumbled below $81K after BlackRock sold more BTC holdings. At the time of writing, the price was down 9% at $83,864.
BTC realized losses have climbed to levels last seen during the FTX collapse. At present, short-term holders (STH) are driving the crypto market crash.
Ethereum price tumbled to $2,645 before bouncing back to $2,744 at the time of writing. However, the price was still below 9% in the past 24 hours.
The 24-hour low and high were $2,645 and $3,015, respectively. Furthermore, the trading volume has increased by 51% in the last 24 hours, indicating that traders are closely watching the market.
Source: https://www.thecoinrepublic.com/2025/11/21/blackrock-dumps-348m-btc-117m-eth-to-coinbase-bitcoin-price-crashes-below-81k/
