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BlackRock Inc.’s cryptocurrency holdings shrank by $4.77 billion in the first part of November 2026, falling from $71.17 billion at the start of the month to $66.39 billion, according to Coinpedia, which cited Arkham Intelligence data. The firm’s spot exchange-traded funds carried the loss as Bitcoin and Ethereum led a wider market downturn.
The iShares Bitcoin Trust (IBIT) accounted for most of the decline, shedding $3.89 billion, or roughly 6.09%, Coinpedia reported. Its net assets dropped from $63.85 billion to about $59.96 billion, with its Bitcoin holding falling from 815,657 BTC to 796,705 BTC — a distribution of 18,942 coins, or 2.32%.
Also readBitcoin ETFs Shed $484.9M in Worst Day Since June 25
Key facts
- BlackRock’s crypto portfolio moved from $71.17 billion to $66.39 billion in November so far, a $4.77 billion reduction.
- IBIT’s assets fell $3.89 billion (about 6.09%) to roughly $59.96 billion from $63.85 billion.
- The iShares Ethereum Trust ETF (ETHA) was worth $6.44 billion, down $883.29 million or 12.06% over nine days.
- ETHA’s Ethereum holding dropped by 199,957 ETH to about 3.02 million ETH, a 6.21% reduction — a larger percentage cut than IBIT’s Bitcoin decline.
- Separately, Crypto Briefing reported BitGo Holdings posted Q3 2026 revenue of $2.85 billion, down 50.9% year over year, while net income rose 94.4% to $44.1 million.
Bitcoin and Ethereum ETFs both pulled back
The Ethereum fund’s percentage drop was steeper than the Bitcoin fund’s, even though its dollar loss was smaller. ETHA’s value declined 12.06% while its coin count fell 6.21%; IBIT’s value fell 6.09% against a 2.32% reduction in coins held. Coinpedia framed the moves as an accelerated sell-off by BlackRock over recent days, with BTC down 5.21% and ETH down 10.36% over seven days.
BitGo shows the pressure on trading revenue
The same market weakness showed up in custodial earnings. Crypto Briefing reported that BitGo’s third-quarter revenue of $2.85 billion represented a 50.9% year-over-year drop and a 34.1% fall from the prior quarter, which the company attributed mainly to softer digital asset sales activity. Digital asset sales contributed about $2.72 billion of the top line but produced only $4.2 million in margin, and the company recorded an adjusted EBITDA loss of $4.3 million.
Also readBitcoin ETFs Erase $5.8B 2026 Deficit as Flows Turn Positive
Profit came from elsewhere: a $71.5 million unrealized gain on BitGo’s own digital asset treasury holdings lifted net income to $44.1 million. Client assets on the platform fell 42.4% year over year to $59.9 billion, which the company tied to lower digital asset prices. BitGo ended September 30 with 6,640 clients, up 33.1%, and its Stablecoin-as-a-Service revenue rose 52.5% to $37.4 million. Crypto Briefing also reported the August 27 closing of BitGo’s purchase of NYDIG’s institutional trading business for $57.7 million in fair value consideration.
Why it matters
BlackRock’s ETFs are among the largest vehicles through which institutions hold crypto, so their redemptions affect spot market liquidity and sentiment, not just the issuer’s books. The contrast with BitGo is instructive: falling prices cut platform assets and trading revenue across the industry, while balance-sheet gains can mask operating weakness. Both reports point to the same driver — a market downturn that reduced volumes and asset values.
What to watch
Further Arkham Intelligence portfolio snapshots will show whether the outflow continues through November, while BitGo’s next quarterly report will indicate whether its NYDIG trading acquisition, which was held for only about a month in Q3, shows up in revenue or margins. Whether adjusted EBITDA turns positive is the key operating test flagged by Crypto Briefing.
This article is not financial advice; crypto markets are volatile and values can reverse quickly.
Sources: Coinpedia, Crypto Briefing
