BlackRock's Crypto Holdings Shed $4.77 Billion in November

BlackRock's cryptocurrency portfolio has fallen by $4.77 billion so far in November 2026, according to on-chain data from Arkham Intelligence. The world's largest asset manager started the month holding $71.17 billion in crypto through its spot exchange-traded funds. As of press time, that figure stands at $66.39 billion.

The decline is not an abstraction. It maps directly onto outflows from the firm's two flagship products: the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust ETF (ETHA).

What drove the $4.77 billion decline?

IBIT did most of the damage. The Bitcoin fund's assets fell by $3.89 billion, roughly 6.09%, over the period. Net assets dropped from $63.85 billion at the start of November to approximately $59.96 billion.

ETHA's share was smaller in dollar terms but steeper in percentage terms. The Ethereum fund lost $883.29 million, or 12.06%, over the past nine days. Its holdings now sit at $6.44 billion.

The on-chain records break down further:

• IBIT held 815,657 BTC on November 1. It now holds 796,705 BTC — a distribution of 18,942 Bitcoin, a 2.32% decline.
• ETHA's Ethereum holdings fell by 199,957 ETH, leaving the fund hovering at 3.02 million ETH — a 6.21% reduction in November, proportionally worse than the Bitcoin drawdown.

BlackRock accelerated its Bitcoin and Ethereum sell-off over the past several days. The pace matters more than the total. An asset manager of this size does not rebalance quietly.

What does this change for the broader market?

Selling pressure on the two largest crypto assets has intensified alongside the drawdown. Bitcoin has fallen 5.21% and Ethereum 10.36% over the past seven days, per CoinMarketCap data cited alongside Arkham's figures.

The practical question is whether institutional demand returns. The source notes that renewed demand from institutional investors could fuel a recovery in sentiment. That cuts both ways. If BlackRock's distribution continues, ETF outflows compound the price pressure. If inflows resume, the same channel works in reverse.

For fund-accounting desks, the numbers also matter for tracking. IBIT's net asset base slipping below the $60 billion mark represents a symbolic threshold crossed, down from $63.85 billion in under two weeks.

What does this change for investors? Mainly this: the largest institutional crypto vehicle in the market is now a net distributor rather than an accumulator, at least through the first nine days of November.

The month is not over

November still has weeks to run. The $4.77 billion figure is a running tally, not a final accounting, and Arkham's on-chain records will update as wallet balances tied to the trusts move.

Watch whether IBIT's Bitcoin holdings stabilize above the 796,705 BTC level, and whether ETHA's steeper percentage decline widens its gap with the Bitcoin fund. The next tranche of ETF flow data will show whether BlackRock's distribution marks a pause or a trend — and how much of the $66.39 billion portfolio remains by December 1.