BlackRock Clients Rotate $60M Out of Bitcoin ETF into Ethereum
BlackRock's institutional clients have made significant moves in their cryptocurrency holdings. They sold $60 million worth of the iShares Bitcoin Trust ETF (IBIT) this week while simultaneously buying over $20 million in the iShares Ethereum Trust ETF (ETHA). The data, provided by Arkham Intelligence, suggests a deliberate repositioning rather than panic selling.
The outflow from IBIT is substantial, but it's worth noting that the fund holds between $47 billion and $55 billion in assets under management. This means the $60 million sale represents only 0.1% of the total assets.
The capital didn't disappear into cash or bonds; at least $20 million landed in ETHA, BlackRock's Ethereum ETF. The net effect is still negative for crypto ETFs overall, with roughly $40 million more leaving than arriving.