Wallets linked to BlackRock (@BlackRock) moved 580,145 $ETH, worth about $1.32 billion, over the past month, according to on-chain analytics firm Lookonchain. The transfers coincided with hea
Wallets linked to BlackRock (@BlackRock) moved 580,145 $ETH, worth about $1.32 billion, over the past month, according to on-chain analytics firm Lookonchain. The transfers coincided with heavy withdrawals from the asset manager's iShares Ethereum Trust (ETHA), which accounted for most of the month's outflows from US spot Ether exchange-traded funds.
Lookonchain's Nov. 2 update showed transfers from addresses labelled as BlackRock Coinbase Prime deposit wallets to Coinbase Prime hot wallets. The accompanying transaction image listed individual movements ranging from roughly 3,197 $ETH to nearly 29,814 $ETH.
The data has limits. Lookonchain's wallet images identify transfers between labelled addresses but do not reveal the identity, intent or trading strategy of the underlying investors, according to KuCoin News. Neither Lookonchain nor Farside attributes the outflows to a specific cause.
ETHA's redemption process also runs through intermediaries. Per the trust's SEC filing, individual investors cannot redeem shares directly with the trust. Registered broker-dealers known as authorized participants handle that process, and for cash transactions the trust can trade with counterparties or use Coinbase Prime.
Farside Investors data shows ETHA recorded net withdrawals of about $1.42 billion in October and had no positive-flow sessions during the month, according to KuCoin News. Across all US spot Ether ETFs in Farside's table, October outflows totalled about $1.607 billion, which puts ETHA at roughly 88.4% of the category's net monthly withdrawals.
A separate analysis of Farside's daily records found the Ether ETF category had net outflows on nineteen of twenty-two trading days in October, with three small inflow days recorded by other products, according to ChainCatcher. SoSoValue data cited by Trading and Investment News put the monthly figure at $1.61 billion, the largest since the funds launched, as ETH fell 16% over the month.
Lookonchain's snapshot lists BlackRock's ETH holdings at 3,095,551 $ETH out of 5,513,954 $ETH held across tracked ETF products, or around 56.1% of the tracked supply, as noted by KuCoin News. Fidelity attracted 27,067 $ETH over seven days, partly offsetting withdrawals elsewhere.
Wallet transfers and ETF flow data are measured differently, and the two figures should not be read as a single like-for-like number. Together, however, they show sustained net selling pressure on BlackRock's Ether product through October.
BlackRock Ethereum fund sees 580K ETH in monthly outflows
KuCoin News: BlackRock's ETHA drives $1.4B in October Ethereum ETF outflows
ChainCatcher: BlackRock led the retreat, with $1.6 billion disappearing from ETH ETFs
