Key Notes
- BlackRock removed 681 BTC and 6,000 ETH from Coinbase Prime, indicating purchases totaling nearly $100 million in assets.
- Grayscale deposited 525 BTC and 21,030 ETH to the same exchange, suggesting intentions to liquidate over $138 million worth.
- The opposing movements align with October 22 data showing investors shifting from Grayscale products to BlackRock alternatives.
Onchain analyses suggest BlackRock could be buying more Bitcoin BTC $109 679 24h volatility: 2.3% Market cap: $2.19 T Vol. 24h: $60.45 B and Ethereum ETH $3 832 24h volatility: 2.1% Market cap: $462.74 B Vol. 24h: $31.58 B for its exchange-traded funds (ETFs), while Grayscale , another ETF manager, could be selling theirs. These diverging signals often show up in times of high volatility and price consolidation, as market participants place their bets on different outcomes, but can also appear in capital rotation from one product to another.
In particular, Lookonchain spotted the most recent activity and reported it in a post on Oct. 23. According to the post, BlackRock withdrew 681 BTC and 6,000 ETH, valued at $74.72 million and $22.91 million, respectively, from Coinbase Prime. Withdrawing from crypto exchanges usually means a purchase has been made and the assets are being moved to a more secure wallet.
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.
— Lookonchain (@lookonchain) October 23, 2025
Meanwhile, Grayscale was seen depositing $57.22 million and $80.84 million of 525 BTC and 21,030 ETH, respectively, also to Coinbase Prime. Depositing to crypto exchanges usually means intention to sell, which may or may not be consolidated in the orders book.
Interestingly, BlackRock’s highest dollar-denominated value is for its Bitcoin withdrawals, while Grayscale had a more significant volume for its Ethereum deposits—suggesting a higher demand for BTC and a higher supply pressure to ETH if we consider these two players in isolation at the Coinbase Prime market.
Bitcoin and Ethereum ETF Flows
These movements match ETF net flow data from Oct. 22, per CoinGlass data , suggesting a capital rotation from Grayscale ETFs to BlackRock ETFs.
For Bitcoin, Grayscale’s GBTC registered an outflow of 522.85 BTC, while BlackRock’s IBIT registered a 679.88 BTC inflow. Grayscale’s ETHE and ETH, together, registered 20,690 ether outflow, absorbed by BlackRock’s ETHA plus nearly 8,000 ETH more (28,600 ether inflow for ETHA).
Bitcoin and Ethereum net flow for GBTC, IBIT, ETHE, ETH, and ETHA | Source: CoinGlass
In their lifetime, GBTC sold 245,430 BTC, while IBIT purchased 667,270 BTC. Out of that, both sold, respectively, 3,310 BTC and 310 BTC since Oct. 10 alone, following the unprecedented crash that liquidated more than $19 billion from crypto traders .
Something similar happened to Ethereum ETFs, having outflows in these past nine days over their lifetime activity. Grayscale sold more than 1.08 million ETH from the two ETFs combined, with 145,270 since Oct. 10 alone. BlackRock’s ETHA had a 4.03 million total inflow and a 4.10 million inflow from its launch to Oct. 9, losing around 70,000 ETH in the past nine days.
As Coinspeaker reported , all Bitcoin ETFs combined experienced $101 million in outflows on Oct. 22, with analysts turning bearish. Yet, market participants started to turn bullish as Donald Trump pardoned Changpeng Zhao (CZ) , Binance founder, who recently predicted Bitcoin will eventually flip gold in market value .
