BlackRock Clients Flip $60M Bitcoin ETF for Ethereum
BlackRock's institutional clients have been making some interesting moves in the crypto market. According to data from Arkham Intelligence, they dumped $60 million worth of the iShares Bitcoin Trust ETF (IBIT) this week.
This may seem like a significant outflow, but it's actually just 0.1% of IBIT's assets under management, which range between $47 billion and $55 billion.
The interesting part is that instead of moving into cash or bonds, at least $20 million of this capital landed in the iShares Ethereum Trust ETF (ETHA), BlackRock's spot Ethereum ETF.
This rotation could be a deliberate repositioning rather than panic selling, given that IBIT has delivered returns exceeding 35% since its launch in January 2024, while ETHA has declined approximately 48% from its launch price.