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Key Takeaways
- BlackRock sold $230M in Bitcoin and bought $17.71M in Ethereum in a single on-chain operation tracked by Lookonchain.
- IBIT suffered 13 consecutive days of outflows, including a single-day loss of $440.3M on June 1, before returning to inflows on June 4.
- Both IBIT and ETHA ended their respective outflow streaks on the same trading day, with IBIT recording $47.66M and ETHA $19.3M in net new investment.
BlackRock sold 3,671 Bitcoin worth approximately $230 million and purchased 10,566 Ethereum worth roughly $17.71 million in an on-chain rebalancing operation, according to on-chain data. This happened as the asset manager’s flagship crypto ETF products were absorbing more than a billion dollars in cumulative outflows over a two-week stretch.
BlackRock’s On-Chain Transactions Include $17.71 Million Ethereum Purchase
On-chain data tracked by Lookonchain shows BlackRock sold 3,671 Bitcoin worth approximately $230 million and purchased 10,566 Ethereum worth roughly $17.71 million in the same operation.
The Ethereum purchase pushed total ETH inflows above 10,000 ETH for the wallet involved. Lookonchain, which monitors institutional wallet activity across major blockchains, flagged the transactions as part of its routine tracking of large-scale digital asset movements.
IBIT Outflows Hit $440 Million in a Single Day Before Streak Breaks
The on-chain activity coincided with a difficult period for BlackRock’s crypto ETF products. On June 1, the iShares Bitcoin Trust (IBIT) lost $440.3 million in a single day, pulling the broader Bitcoin ETF segment into 11 straight days of outflows.
The pressure continued on June 3, when IBIT shed another $342.3 million, extending the losing streak to 13 consecutive days. Total weekly outflows across major Bitcoin ETF issuers surpassed $1.4 billion during that period.
The streak ended on June 4, when IBIT recorded a $47.66 million net inflow. On the same day, BlackRock’s Ethereum ETF (ETHA) added $19.3 million, ending its own 17 consecutive days of outflows.
Bitcoin Falls Below $60,000 for First Time Since 2024 as ETH Drops Under $2,000
Bitcoin was trading near $62,300 around the time of the transactions, having slipped below $60,000 over the prior weekend for the first time since 2024. The asset was trading approximately 50% below its all-time high of $126,080, set in October 2025.
Ethereum was trading around $1,668 following a breakdown below the $2,000 level, down roughly 66% from its all-time high of $4,946 reached in August 2025, according to CoinGecko data.
Macroeconomic factors including Middle East tensions, energy prices, and renewed expectations of Federal Reserve rate hikes weighed on both assets during the period, according to data.
IBIT and ETHA Both Return to Inflows on June 4
The June 4 session ended outflow streaks for both products simultaneously, IBIT’s 13-day run, and ETHA’s 17-day run. The Ethereum fund added $19.3 million and the Bitcoin fund recorded $47.66 million in net new investment on the same trading day, closing out back-to-back multi-week drawdown periods for BlackRock’s two primary crypto ETF products.
