BlackRock Transfers Over $1 Billion in Bitcoin and Ethereum Amid ETF Outflows
- BlackRock moved a total of $1 billion, including 6,735 BTC worth $616.09 million and 64,706 ETH valued at $199.73 million to Coinbase.
- The transfers occurred over two days, with a prior deposit of 3,064 BTC and 64,707 ETH, totaling nearly $500 million.
- U.S. Bitcoin Spot ETFs faced net outflows of approximately $373 million, with BlackRock’s IBIT experiencing the largest withdrawal of over $523 million in one day.
- Total outflows for Bitcoin ETFs reached around $13.3 billion in the past month, representing about 3.5% of their total assets under management.
- Despite these outflows, BlackRock’s IBIT remains a leader in the ETF market with year-to-date inflows of $25 billion.
The significant movement of funds by BlackRock suggests preparations for ETF creation or liquidity adjustments rather than direct selling amidst ongoing macroeconomic uncertainty affecting the crypto market.
In total, BlackRock’s recent transactions highlight aggressive fund movements despite facing heavy outflows from its ETFs, including a notable withdrawal of over $523 million from IBIT alone.
