Key Takeaways:
- BlackRock’s IBIT saw $60M in outflows while ETH purchases topped $20M.
- The shift reflects client Bitcoin selling alongside BlackRock’s ETH accumulation.
- It may signal an early rotation toward Ethereum, but more flow data is needed.
A single week of fund flows rarely rewrites a thesis. But when the world’s largest asset manager shows net selling in its Bitcoin ETF at the same time it’s adding to Ethereum, that combination is hard to file away as noise.
Arkham reported on July 29, 2026 that BlackRock’s clients have net sold $60 million of the IBIT ETF so far this week, while the firm has bought more than $20 million of ETH over the same period. ETH trades at $1,920.22, up 2.2% over the past seven days.

Two Flows Moving in Opposite Directions
The distinction Arkham is drawing matters. IBIT’s outflows reflect what BlackRock’s ETF clients are choosing to redeem — investor-driven selling flowing through the fund structure. The ETH purchases, by contrast, appear on BlackRock’s own on-chain wallets, tracked moving through Coinbase Prime custody alongside the firm’s existing BTC and staked ETH holdings. That’s not the same entity making one consistent decision — it’s client redemptions on one side and BlackRock’s own accumulation on the other, happening in the same week.
What BlackRock’s Wallets Currently Show
Arkham’s portfolio data puts BlackRock’s tracked crypto holdings at just over $55 billion, dominated by 736,329 BTC worth roughly $47.58 billion, alongside 3,987 ETH and additional staked ETH positions. Even with this week’s reported ETH buying, Bitcoin remains overwhelmingly the larger position by a wide margin — meaning the current shift looks more like a rotation at the margin than any wholesale change in allocation.
The Chart Behind the Question
Looking at the seven-day chart, ETH spent July 24 through 26 consolidating in the high $1,850s to low $1,900s, before a sharp rally on July 27 pushed price above $1,960 — its high for the week. That move faded through July 28, and ETH has since chopped between roughly $1,900 and $1,930, settling at $1,920.22 as of July 30. The reported BlackRock buying falls within this same window, though the size involved is far too small relative to ETH’s overall market to have driven the rally on its own.
Why the Question Is Worth Asking, Even Without an Answer Yet
$20 million in ETH purchases against $60 million in IBIT redemptions isn’t proof of a broad institutional pivot from Bitcoin into Ethereum — the numbers are small next to BlackRock’s total crypto footprint, and a single week of flows can reverse just as quickly as it appeared.
What makes it notable is the direction: institutional flows moving opposite ways across two assets from the same firm, in the same short window, is exactly the kind of early signal on-chain analysts watch for before a larger rotation becomes visible in the data. Whether this is the start of something or a one-week blip is the detail the next few weeks of flow data will need to answer.












