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BlackRock’s ETF products are rapidly reshaping custody in crypto. Its iShares Ethereum ETF now holds 3.6 million ETH, just 200,000 behind Coinbase after adding 1.2 million ETH in less than two months. At this pace, BlackRock could overtake Coinbase by year end, leaving Binance’s 4.7 million ETH lead within striking distance.
The trend extends to Bitcoin. BlackRock’s IBIT ETF has reached 745,000 BTC, surpassing Coinbase at 706,000 and Binance at 584,000. This marks a structural shift as institutions increasingly favor regulated ETF custody, reducing reliance on exchanges. Analysts see this accumulation as a sign of deepening conviction that tightens supply and stabilizes prices near 111,000.
Exchange inflows have collapsed, reinforcing the shift. The 30 day average of BTC deposits has dropped to its lowest since May 2023, while ETH inflows sit near April 2024 lows despite trading above 4,600. Reduced inflows suggest investors are reluctant to sell, and when paired with ETF demand, the backdrop points to supply scarcity.
ETF flows highlight the divergence. Ether products have absorbed more than 1.5 billion in net inflows since last week, including 450 million in a single day. Bitcoin ETFs posted 1.17 billion in outflows but quickly rebounded with 310 million of fresh inflows in just two sessions. The data underscores how institutions are leaning toward ETH while BTC consolidates.
Technical signals remain key into September. Bitcoin’s 100 day EMA at 110,850 is the level to hold for a push toward 116,000 to 117,000, while losing it could trigger a slide toward 102,000. Ether continues to trade in a rising channel, with 4,700 seen as the breakout level before a possible move into the 5,200 to 5,500 range. Combined with falling exchange supply and accelerating ETF demand, the stage is set for continued institutional influence into year end.
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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