BlackRock Transfers Bitcoin and Ethereum Amid ETF Outflows
- BlackRock transferred 1,134 BTC (approximately $101 million) and 7,255 ETH (around $22 million) to Coinbase.
- On December 31, Bitcoin ETFs experienced a net outflow of $348.10 million, while Ethereum ETFs saw outflows of $72.06 million.
- BlackRock’s BTC and ETH ETFs specifically recorded outflows of $99.05 million and $21.5 million, respectively.
- The BTC ETFs have faced daily net outflows in eight of the last nine trading days.
- Despite these challenges, Bitcoin’s price reached an intraday high above $89,600 today.
The recent activity by BlackRock coincides with the expiry of $2.2 billion in crypto options, contributing to market volatility. Additionally, on-chain analytics indicate no renewed institutional demand for Bitcoin or Ethereum as ETF flows remain negative.
As BlackRock continues to see significant outflows from its crypto ETFs, the flagship cryptocurrency is attempting to reclaim the psychological threshold of $90,000. The total crypto market capitalization has risen above $3 trillion today.
