Crypto
BlackRock's $122M Bitcoin Sell-Off Triggers Market Wide Sell Pressure
The U.S. spot crypto ETF market has ended its three-week streak of net capital inflows, with BlackRock's iShares Bitcoin Trust (IBIT) at the center of the sell-off.
As the largest fund in the space with total net assets of $46.18 billion, IBIT took the brunt of worsening market sentiment.
Investors who entered the asset near its peak are now seeing a one-year return of -45.62%, leading many to lock in losses en masse.
The fund's scale has turned the actions of its clients into a market-wide trigger, with $122.06 million flowing out of IBIT during a recent trading session, accounting for nearly half of the market-wide outflow of $265.37 million.