BlackRock is Buying BTC and ETH While Grayscale is Selling; What’s Next?

Key notes

• BlackRock has 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, indicating an intention to liquidate over $138 million.
• The opposing moves are consistent with Oct. 22 data showing investors shifting from Grayscale products to BlackRock alternatives.

Onchain analysis suggests BlackRock may buy more Bitcoin

Bitcoin
$109,679



24-hour fluctuations:
2.3%


Market value:
$2.19 T



Vol. 24 hours:
$60.45 billion

And Ethereum

Ethereum
$3832



24-hour fluctuations:
2.1%


Market value:
$462.74 billion



Vol. 24 hours:
$31.58 billion

for its exchange-traded funds (ETFs), while Grayscale, another ETF manager, could sell its funds. These divergent signals often appear in times of high volatility and price consolidation, as market participants place their bets on different outcomes, but they can also appear in the turnover of capital from one product to another.

In particular, Lookonchain monitored and reported the latest activities in a post dated October 23. According to the post, BlackRock withdrew 681 BTC and 6,000 ETH, worth $74.72 million and $22.91 million, respectively, from Coinbase Prime. Withdrawing from cryptocurrency exchanges usually means making a purchase and moving assets to a more secure wallet.

Grayscale is selling while BlackRock is buying!

Grayscale 525 $ Bitcoin($57.22 million) and 21,030 $ Ethereum($80.84 million) to #Coinbase Prime 3 hours ago.

Meanwhile, BlackRock withdrew 681 $ Bitcoin($74.72 million) and 6,000 $ Ethereum($22.91 million) from #Coinbase Prime An hour ago.https://t.co/OcQGQe8US6… pic.twitter.com/enqkl7tBKU

– Loconchain (@loconchain) October 23, 2025

Meanwhile, Grayscale was seen depositing $57.22 million and $80.84 million worth of 525 BTC and 21,030 ETH, respectively, also on Coinbase Prime. A deposit on cryptocurrency exchanges usually means an intention to sell, which may or may not be incorporated into the order book.

Interestingly, BlackRock’s highest dollar-denominated value is for its Bitcoin withdrawals, while Grayscale had a larger volume for its Ethereum deposits – indicating high demand for BTC and high supply pressure on ETH if we consider these two players isolated in the Coinbase Prime market.

Bitcoin and Ethereum ETF Flows

These movements are consistent with ETF net flow data as of October 22. According to CoinGlass dataThis indicates a turnover of capital from Grayscale ETFs to BlackRock ETFs.

For Bitcoin, Grayscale’s GBTC recorded an outflow of 522.85 BTC, while BlackRock’s IBIT recorded an inflow of 679.88 BTC. Together, Grayscale’s ETHE and ETH recorded 20,690 ether outflows, which were absorbed by BlackRock’s ETHA as well as another approximately 8,000 ETH (28,600 ether outflows to ETHA).

In its lifetime, GBTC sold 245,430 BTC, while IBIT bought 667,270 BTC. Of this, they have sold, respectively, 3,310 BTC and 310 BTC since October 10 alone, following the unprecedented collapse that led to the liquidation of more than $19 billion from cryptocurrency traders.

Something similar happened to Ethereum ETFs, which saw outflows in the last nine days during their lifetime of activity. Grayscale has sold more than 1.08 million ETH from the two ETFs combined, with 145,270 since October 10 alone. BlackRock’s ETHA had a total inflow of 4.03 million and an inflow of 4.10 million from its launch through October 9, losing around 70,000 ETH in the last nine days.

As CoinSpeaker reported, all Bitcoin ETFs combined saw outflows of $101 million on October 22, with analysts turning bearish. However, market participants started to turn bullish when Donald Trump pardoned Changpeng Zhao (CZ), the founder of Binance, who recently predicted that Bitcoin would eventually upend gold from market cap.

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.

Bitcoin ETF News, Cryptocurrency News, News

Vini Barbosa has been covering the cryptocurrency industry professionally since 2020, summarizing over 10,000 hours of research, writing, and editing relevant content for media outlets and key industry players. Vinny is an active commentator and big user of technology, and truly believes in its revolutionary potential. Topics of interest include blockchain, open source software, decentralized finance, and real-world utilities.

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