BlackRock Clients Flee Bitcoin for Ethereum as Crypto Market Reacts

BlackRock's clients have begun reallocating their crypto assets, pulling $202.48 million from the iShares Bitcoin Trust (IBIT) in a single trading day.

This move ended the fund's recent inflow streak and forced the issuer to sell cryptocurrency to cover redemptions, with total net outflows across the entire spot Bitcoin ETF market reaching $225.18 million.

In contrast, institutional capital began flowing into spot Ethereum ETFs, recording net inflows of $26.32 million, with BlackRock's ETH fund attracting an additional $11.39 million.

The real news is not the outflow itself but how the market reacted to it: despite BlackRock clients withdrawing hundreds of millions of dollars, the Bitcoin price declined by only 1% and remained firmly above $65,400.