TL;DR
- Wallet tracking showed $3.6B net outflows from Feb. 6–9 via ETF custody channels, cutting tracked crypto holdings from $63.34B to $59.71B.
- Withdrawals centered on BTC ($3.39B) and ETH ($238.98M), with balances down 8,060 BTC and 32,930 ETH as prices fell 2.39% and 4.69%.
- A Feb. 9 move sent 2,268 BTC and 45,324 ETH to Coinbase Prime; prior-week outflows totaled $115.14M BTC and $152.16M ETH.
BlackRock-managed crypto products linked to its custody wallets logged more than $3.6 billion in net outflows between Friday, Feb. 6, and Monday, Feb. 9, based on real-time tracking data. The flows look like ETF-related custody movements rather than proprietary trading, but the pace still highlights how quickly institutional positioning can flip in stress so abruptly. Across the window, tracked holdings slipped from $63.34 billion to $59.71 billion. Most of the swing was concentrated in Bitcoin and Ethereum, and part of the headline decline also reflects softer spot prices during the same stretch.
Flows, price impact, and what’s actually happening under the hood
Most withdrawals hit Bitcoin and Ethereum, with $3.39 billion and $238.98 million leaving the wallets, respectively. In unit terms, the drawdown combines redemptions with mark-to-market pressure, not a single all-in sell decision. The balances fell by 8,060 BTC and 32,930 ETH, while Bitcoin and Ethereum prices dropped 2.39% and 4.69% across the period, amplifying the dollar change. That mix matters because net asset moves can look dramatic when both quantity and price shift together, especially during a fast selloff and fragile liquidity conditions, and can outpace price discovery during turmoil.
Zooming out to month-to-date, the tracked crypto book was down $14.46 billion, including $12.16 billion in Bitcoin and $2.3 billion in Ethereum. The key takeaway is that outflows do not automatically equal immediate spot dumping, especially inside institutional wrappers. Among large managers, wallet movements often reflect investor reallocations, fund redemptions, or liquidity management rather than directional conviction. This is why the data set stresses the headline losses do not equate to realized losses, nor do they imply instant discretionary selling into the market, making the custody ledger a noisy but useful sentiment gauge.
The latest visible transfer arrived Feb. 9, when 2,268 BTC worth nearly $156 million and 45,324 ETH valued at almost $92 million moved to Coinbase Prime within minutes. Even if routine, large transfers keep the market focused closely on custody channels as a proxy for ETF demand during volatility. The prior week also showed about $115.14 million in BTC outflows and $152.16 million in ETH outflows, roughly one-third of spot Bitcoin ETF redemptions. The activity coincided with Bitcoin probing support near $60,000 and Ether slipping toward $2,000 over the weekend.
