BlackRock Sees $20.47B Crypto Loss in Q1 2026 Despite Bitcoin Buildup

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 shift in institutional positioning as market conditions remained under pressure throughout the quarter.

Cause and development: price declines and changing holdings

Across the quarter, the dollar value of BlackRock’s tracked crypto holdings fell as BTC and ETH prices declined. Arkham’s data indicates that Bitcoin accumulation was not enough to offset the overall valuation losses, while Ethereum’s position weakened further due to both market pricing and reduced holdings.

Bitcoin remained the largest holding, but its value fell

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.

Ethereum losses reflected both price pressure and reduced holdings

Ethereum’s holdings declined in both value and quantity over the quarter, reflecting price-driven losses and a contraction in holdings. The shift contrasted with earlier periods when Ethereum was still accumulating.

Q1 2026 losses compared with prior quarters

Although Q1 2026 saw a steep drawdown, it was smaller than the previous quarter’s decline. 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. Compared with Q1 2025, conditions had changed materially.

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.

Impact and positioning shift

By Q1 2026, Ethereum had clearly shifted from accumulation to net outflows. Bitcoin accumulation persisted, but falling prices kept the 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.