The deposit signals rising institutional selling pressure as IBIT records five straight days of outflows totaling $235M. Next: whether ETF flows reverse or accelerate.
BlackRock deposited 861 BTC, worth approximately $69.59 million, and 44,691 ETH, valued at around $103.15 million, to Coinbase Prime on May 13, according to on-chain data from Arkham Intelligence. The combined $172.68 million transfer marks a sharp acceleration in institutional selling after the asset manager’s spot crypto exchange-traded funds logged consecutive daily outflows.
Coinbase Prime is an institutional prime brokerage platform. Large deposits to an exchange-linked venue are typically read by the market as intent to sell, not a move to cold storage. The on-chain movement therefore signals that BlackRock is reducing exposure to Bitcoin and Ethereum against a backdrop of heightened capitulation risk in crypto markets.
The shift is significant because BlackRock had been a net accumulator earlier in the quarter. In April 2026, the iShares Bitcoin Trust (IBIT) absorbed over $2 billion in inflows, helping Bitcoin gain nearly 12% for the month. The May 13 deposit reverses that trend and aligns with a broader risk-off posture among institutional crypto investors.
The deposit data coincides with a streak of redemptions from BlackRock’s spot crypto ETFs. IBIT has now recorded five consecutive days of net outflows totaling $235.21 million, reducing its total assets to $66.27 billion. The iShares Ethereum Trust (ETHA) saw a net outflow of more than $102 million on Tuesday alone, bringing its net asset holdings down to $7.17 billion.
These outflows represent a clear change in institutional sentiment. The early-April accumulation phase has given way to a near-term bearish outlook. Bitcoin’s price has struggled to rally beyond $82,000 and dropped over 2% in the past seven days, trading at roughly $80,210 at press time. Ethereum has remained highly correlated with Bitcoin year-to-date, amplifying the impact of any sustained selling pressure.
The $80,000 level is now a battleground for Bitcoin. A daily close below that threshold could shift focus to the next support zone near $78,000. The derivative market backdrop adds to the tension: extreme short positioning in Bitcoin futures, noted by Finbold, has kept the flagship coin from mounting a meaningful recovery.
For Ethereum, the correlation with Bitcoin means that any breakdown in BTC would likely drag ETH lower. The $2,300 area has served as a floor in recent weeks, and a breach there would open the door to a retest of the $2,100 level.
BlackRock’s stock (BLK) carries an AlphaScala Alpha Score of 58, a moderate reading that suggests the market is not yet pricing in a major dislocation from the crypto ETF business. Coinbase (COIN), the custodian receiving the deposits, holds a score of 35, reflecting mixed sentiment. While heightened institutional activity could boost Coinbase’s custody revenue, the outflows from BlackRock’s ETFs may weigh on the narrative around BLK’s crypto ambitions.
The next decision point is the daily ETF flow report. If IBIT and ETHA outflows slow or reverse, it would signal that institutional dip-buying has resumed, potentially stabilizing Bitcoin above $80,000. An acceleration of redemptions, however, would reinforce the bearish shift and could drag the crypto market lower.
Drafted by the AlphaScala research model and grounded in primary market data – live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.