- BlackRock’s IBIT holds about 745,000 BTC, exceeding Coinbase and Binance reserves.
- BlackRock’s ETHA has roughly 3.6 million ETH, moving close to Coinbase’s level.
BlackRock’s iShares Bitcoin Trust has overtaken the Bitcoin reserves held by Coinbase and Binance, marking a visible shift in where the largest pools of crypto are custodied.
IBIT rises to ~745,000 BTC as exchange balances thin out
Public trackers show the iShares Bitcoin Trust at roughly 745,000 BTC in late August, after a summer of uneven inflows. Independent dashboards that tally issuer addresses recorded balances near 745,153 BTC on August 25, while separate coverage this week placed holdings in a similar range.
Against that backdrop, Binance’s most recent proof-of-reserves snapshot listed about 593,000 BTC for user liabilities as of June 1. Coinbase’s current on-exchange Bitcoin balance is lower than IBIT’s total, according to recent industry reporting collating multiple data sources.
While methodologies differ across providers, the directional picture is clear that ETF balances are now comparable to or larger than the top exchange reserves.
On the flow side, exchange deposits have dried up. CryptoQuant reports the 30-day moving average of Bitcoin inflows has fallen to its lowest since May 2023, a signal consistent with shrinking tradable supply on venues and a greater share of coins parked in longer-term vehicles such as spot ETFs.
ETHA amasses ~3.6 million ETH as Coinbase and Binance remain in sight
BlackRock’s iShares Ethereum Trust has accumulated about 3.6 million ETH, according to fund dashboards and recent disclosures. Market trackers place ETHA’s net assets around the mid-teens in billions of dollars, implying unit holdings in that range at prevailing prices.
This level brings ETHA within roughly 200,000 ETH of Coinbase’s estimated Ether reserves, with Binance still ahead by a wider margin.
Live ETF data further underline the custody migration. SoSoValue’s dashboard shows IBIT with more than $80 billion in net assets and ETHA leading U.S. spot Ether ETFs by assets, reflecting sustained primary market creations even through recent volatility.
Divergent disclosure cadences mean individual daily prints can lag, but the cumulative trend is well established.
For market structure, the implications are straightforward. First, an increasing share of BTC and ETH is moving from discretionary exchange wallets to regulated fund wrappers with daily creation and redemption.
Second, the decline in exchange inflows tightens near-term liquidity, heightening sensitivity to incremental demand or redemption cycles.
Finally, concentration risks shift toward a smaller set of institutional custodians and administrators, even as audit trails and reporting improve. Investors should account for these frictions when interpreting order book depth, basis levels and the responsiveness of ETF market makers around sharp price moves.
At the time of press, Bitcoin is trading at USD 112 950.00, reflecting an intraday gain of exactly USD 1 927.00, or +1.74%, compared to the previous close
