BlackRock just dumped over $600 million of these two cryptocurrencies
Main Idea
BlackRock's spot Ethereum ETF experienced its largest single-day outflow of $375 million, coinciding with significant outflows from U.S. spot Bitcoin ETFs, signaling a broader market selloff.
Key Points
1. BlackRock’s spot Ethereum ETF saw an outflow of 101,975 ETH (worth ~$375 million) on August 4, breaking a 21-day inflow streak and reducing holdings by ~3%.
2. U.S. spot Bitcoin ETFs recorded $333 million in net outflows on the same day, with BlackRock’s IBIT contributing $292 million.
3. Ethereum ETFs collectively faced $465 million in redemptions, led by BlackRock’s ETHA.
4. Despite large-scale withdrawals, Ethereum’s price remained stable around $3,669, following a recent climb above $4,000.
Description
In a move that rattled crypto markets, BlackRock’s spot Ethereum ETF recorded its largest single-day outflow since inception, with 101,975 ETH, worth roughly $375 million exiting the fund on August 4, according to SoSoValue data retreived by Finbold on August 5. This sudden withdrawal not only broke a 21-day streak of consistent inflows but also reduced the fund’s Ethereum holdings by about 3%, signaling a sharp shift in institutional positioning. The selloff wasn’t isolated to Ethereum. U.S. sp...
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