BlackRock Clients Pull $202M from Bitcoin ETF, Flock to Ethereum
BlackRock clients have pulled $202.48 million from the iShares Bitcoin Trust (IBIT), forcing the issuer to sell cryptocurrency to cover redemptions.
The withdrawals, which total about 3,130 BTC, ended the fund's recent inflow streak and triggered a net outflow of $225.18 million across the entire spot Bitcoin ETF market.
However, instead of exiting the industry, institutional capital began flowing into spot Ethereum ETFs, with net inflows of $26.32 million. BlackRock itself benefited from this shift, as its ETH fund attracted an additional $11.39 million.
The price of Bitcoin remained steady despite the outflow, declining by only 1% and staying above $65,400. This stability has divided analysts into two camps: optimists who see it as a 'reaccumulation zone' ahead of another move higher, and skeptics who warn that buyers may lack the strength to maintain support.