TLDR:
- BlackRock’s combined BTC and ETH holdings dropped from $78.36B to $57.89B in Q1 2026.
- Bitcoin holdings rose by 14,950 BTC despite a $16.24B fall in dollar value over the quarter.
- Ethereum holdings fell 410,750 ETH, reflecting both price weakness and active net distribution.
- Q1 2026 losses of $20.47B were $5.97B lower than the $26.44B decline recorded in Q4 2025.
BlackRock’s crypto portfolio recorded a sharp $20.47 billion decline in Q1 2026, as falling Bitcoin and Ethereum prices weighed heavily on the asset manager’s holdings.
Data from blockchain analytics platform Arkham shows combined BTC and ETH holdings dropped from $78.36 billion to $57.89 billion between January 1 and March 31.
While Bitcoin saw continued accumulation despite the price slump, Ethereum experienced both price-driven losses and reduced holdings, marking a clear shift in institutional positioning as market conditions remained under pressure throughout the quarter.
Bitcoin Accumulated as Ethereum Holdings Contracted
Bitcoin remained the largest component of BlackRock’s crypto allocation throughout Q1 2026. BTC prices fell from $88,341 to $65,982, a 25.31% decline, pushing the dollar value of holdings down by $16.24 billion.
The value dropped from $68.05 billion to $51.81 billion over the quarter. Despite the price weakness, BlackRock continued buying Bitcoin.
Holdings grew from approximately 770,290 BTC to 785,240 BTC, adding 14,950 BTC, or 1.94% growth. This pattern points to opportunistic accumulation rather than retreat from the asset class.
Ethereum told a different story. ETH prices fell 33.12%, from $2,966 to $1,983, while ETH holdings also dropped from 3.47 million to 3.06 million.
That 410,750 ETH reduction pushed Ethereum exposure down from $10.31 billion to $6.08 billion, a $4.23 billion decrease. Unlike Bitcoin, Ethereum saw both price pressure and net distribution during the period.
Q1 2026 Losses Remain Below Q4 2025 Levels
The Q1 2026 decline, though steep, was smaller than the previous quarter’s drawdown. In Q4 2025, BlackRock’s crypto portfolio fell by $26.44 billion, with Bitcoin dropping $20.74 billion and Ethereum falling $5.71 billion.
Quarter-over-quarter, the pace of losses eased by approximately $5.97 billion. The comparison to Q1 2025 shows how much conditions have shifted.
A year earlier, the portfolio declined by only $4.95 billion, with both assets still in accumulation phases. Bitcoin rose by 23,300 BTC, and Ethereum increased by 120,350 ETH during that earlier period.
By Q1 2026, Ethereum had clearly shifted from accumulation to net outflows. Bitcoin accumulation persisted, but falling prices kept overall portfolio value under pressure.
The holdings tracked here reflect client capital flowing through BlackRock’s iShares Bitcoin Trust and iShares Ethereum Trust, not proprietary positions held by the firm.
The post BlackRock Sees $20.47B Crypto Loss in Q1 2026 Despite Bitcoin Buildup appeared first on Blockonomi.
Source: https://blockonomi.com/blackrock-sees-20-47b-crypto-loss-in-q1-2026-despite-bitcoin-buildup/
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