Massive Sell-Off: Investment Giant Offloads $170m Worth of Digital Assets in 24-Hour Span

BlackRock Inc. (NYSE: BLK) accelerated its Bitcoin (BTC) and Ethereum (ETH) sell-off on May 13 amid rising risk of crypto capitulation. BlackRock deposited 861 BTC, worth approximately $69.59 million, to Coinbase Prime on Wednesday, according to on-chain data from Arkham Intelligence. Additionally, the management firm sent 44,691 ETH, valued at around $103.15 million, to Coinbase Prime. As such, BlackRock dumped $172.68 million in crypto assets, thereby signaling a rising institutional shift. Furthermore, BlackRock’s iShares Bitcoin Trust (IBIT) has now recorded 5 consecutive days of cash outflows totaling $235.21 million, bringing its total assets to $66.27 billion at the time of publication. Similarly, BlackRock’s iShares Ethereum Trust (ETHA) has recorded low demand over the past few days. On Tuesday, ETHA saw a net cash outflow of more than $102 million, thereby reducing its net asset holdings to $7.17 billion at press time. After leading spot crypto accumulation in early April, BlackRock’s investors have shifted to a near-term bearish outlook. For instance, Bitcoin price gained nearly 12% in April 2026 after IBIT accumulated over $2 billion. However, the flagship coin has struggled to rally beyond $82,000 in the recent past, as Finbold noted, fueled by bearish IBIT investors. With extreme shorts in Bitcoin’s derivative markets, the flagship coin dropped over 2% in seven days, trading at roughly $80,210 at press time. Consequently, if the demand for Bitcoin and Ethereum from BlackRock’s investors rises over the coming days, a potential rebound could be seen, and vice versa. Furthermore, the Ethereum price has been highly correlated with BTC year to date amid the ongoing macro bear market.