BlackRock Crypto ETF Outflows Top $90 Million Amid Broader Market Weakness
BlackRock's crypto exchange-traded funds (ETFs) have seen significant outflows over the last five trading sessions, totaling more than $90 million in combined net redemptions. The largest withdrawals were from the iShares Bitcoin Trust (IBIT), which recorded a net outflow of $78.9 million between August 10 and August 14.
The selling pressure on BlackRock's crypto ETFs is part of a broader trend affecting U.S. spot crypto ETFs, with many funds experiencing withdrawals during the same period. Bitcoin has been particularly affected, losing its support at $64,000 and now poised to drop below $63,000.
Ethereum ETFs also saw significant outflows, with ETHA recording a net outflow of $16.4 million and ETHB partially offsetting those losses with a $3.9 million inflow. The combined Ethereum ETF complex had a net outflow of $12.5 million over the same period.