BlackRock Transfers $160 Million in Bitcoin and Ethereum Amid ETF Outflows
- BlackRock transferred a total of $160 million worth of Bitcoin and Ethereum to Coinbase, including 1,701 BTC and 22,661 ETH.
- The transfers occurred shortly after BlackRock’s Bitcoin ETF (IBIT) recorded net outflows of nearly $360 million last week.
- Ethereum ETFs also faced significant outflows, totaling approximately $161 million during the same period.
- Investor Kevin O’Leary noted that institutions are limiting their crypto exposure to just 3% due to risks from quantum computing.
- The Fear and Greed Index fell to an extreme fear level of 10, indicating low trading activity and inflows.
The recent moves by BlackRock reflect a broader trend of declining institutional risk appetite influenced by macroeconomic uncertainties. With Bitcoin trading similarly to high-beta tech assets, market sentiment has weakened significantly.
As BlackRock faces substantial outflows from its ETFs, the overall market remains cautious with significant capital concentration in key assets like Bitcoin and Ethereum.
