This week, Blackrock, the largest asset manager, made significant transfers in the cryptocurrency markets.
Difficult Situation for ETH ETFs
On Monday, Blackrock sold 101,975 ETH, worth about $375 million. This marked the largest single-day outflow since the launch of the iShares Ethereum Trust (ETHA). The move ended a 21-day inflow streak for U.S. spot ETH ETFs, resulting in a total outflow of $465 million. However, ETHA also added approximately $9.3 million in new ETH purchases, indicating that inflows were not completely halted.
Impact on Bitcoin ETFs
Blackrock's Bitcoin ETF, IBIT, also faced significant losses. The fund lost $292.5 million on Monday, marking its largest single-day outflow in over two months. Alongside outflows from Fidelity and Grayscale ETFs, total outflows from U.S. spot Bitcoin ETFs reached $812 million, representing the second-largest single-day loss in history.
Decline in Institutional Interest
Following substantial inflows in July, when Bitcoin and Ethereum reached record highs, August has ushered in a sharp change. As prices have begun to fall, many investors are pulling back and locking in profits. Experts note that these outflows reflect classic profit-taking behavior following a significant rally.
Thus, Blackrock's actions have led to significant fluctuations in both markets. In the coming weeks, watching the company's further actions will be crucial in determining the future of cryptocurrency ETFs.
