BlackRock Dumps $292M BTC, $372M ETH Amid Crypto ETF Outflows
The post BlackRock Dumps $292M BTC, $372M ETH Amid Crypto ETF Outflows appeared on BitcoinEthereumNews.com. The world’s largest asset manager, BlackRock, looks to be offloading some of its Bitcoin and Ethereum holdings from its crypto ETFs. This follows the outflows that these ETFs recorded on August 4 amid a crypto market correction, led by BTC and ETH. BlackRock Moves Coins To Coinbase Amid Crypto ETF Outflows Arkham Intelligence data shows that the asset manager moved 2,544 BTC and 101,975 ETH to Coinbase Prime today, raising speculations that the firm may be looking to offload these coins. Transfers to exchanges usually indicate a move to sell these coins, especially as the asset manager looks to redeem shares for its Bitcoin and Ethereum ETFs. Moreover, the transfer to the top crypto exchange follows the outflows that BlackRock’s crypto ETFs recorded on August 4. SosSo Value data shows that BlackRock’s IBIT recorded a net outflow $292.21 million yesterday while the firm’s Ethereum ETF, ETHA, recorded a net outflow of $374.97 million. This was part of the broader net outflows that the Bitcoin and Ethereum ETFs recorded on the day. The BTC funds as a group saw a net outflow of $333 million while the ETH funds saw a record $465 million in net outflows. This was the largest outflow since the launch of these crypto ETFs last year. Typically, these funds have to sell the underlying assets when the funds record outflows. Fidelity, which also saw an outflow of $55.11 million for its Ethereum ETF yesterday, also moved a similar amount of ETH to Coinbase today, according to Arkham data. However, a positive for the market is that the SEC has already approved in-kind creation and redemptions for these crypto ETFs. As such, these asset managers may not always have to offload these coins when they want to redeem shares. Instead, they can swap the shares for the…
The post BlackRock Dumps $292M BTC, $372M ETH Amid Crypto ETF Outflows appeared on BitcoinEthereumNews.com.
The world’s largest asset manager, BlackRock, looks to be offloading some of its Bitcoin and Ethereum holdings from its crypto ETFs. This follows the outflows that these ETFs recorded on August 4 amid a crypto market correction, led by BTC and ETH. BlackRock Moves Coins To Coinbase Amid Crypto ETF Outflows Arkham Intelligence data shows that the asset manager moved 2,544 BTC and 101,975 ETH to Coinbase Prime today, raising speculations that the firm may be looking to offload these coins. Transfers to exchanges usually indicate a move to sell these coins, especially as the asset manager looks to redeem shares for its Bitcoin and Ethereum ETFs. Moreover, the transfer to the top crypto exchange follows the outflows that BlackRock’s crypto ETFs recorded on August 4. SosSo Value data shows that BlackRock’s IBIT recorded a net outflow $292.21 million yesterday while the firm’s Ethereum ETF, ETHA, recorded a net outflow of $374.97 million. This was part of the broader net outflows that the Bitcoin and Ethereum ETFs recorded on the day. The BTC funds as a group saw a net outflow of $333 million while the ETH funds saw a record $465 million in net outflows. This was the largest outflow since the launch of these crypto ETFs last year. Typically, these funds have to sell the underlying assets when the funds record outflows. Fidelity, which also saw an outflow of $55.11 million for its Ethereum ETF yesterday, also moved a similar amount of ETH to Coinbase today, according to Arkham data. However, a positive for the market is that the SEC has already approved in-kind creation and redemptions for these crypto ETFs. As such, these asset managers may not always have to offload these coins when they want to redeem shares. Instead, they can swap the shares for the…
What's Your Reaction?
