BlackRock started the week of March 23 with more than $77 million in net cash outflow from its two spot exchange-traded funds (ETFs).
On Monday, the company’s iShares Bitcoin Trust (ETF) registered a net outflow of 658 BTC, which is worth about $46 million at press time. As such, IBIT recorded the largest cash outflow compared to the other issuers of spot Bitcoin ETFs, according to metrics shared by on-chain analytics platform Lookonchain.
Nonetheless, IBIT registered about 2,471 BTC in the past seven days to increase its net holdings to around 781,651, valued at over $54.7 billion. Meanwhile, BlackRock’s iShares Ethereum Trust ETF (ETHE) recorded a net outflow of 14,802 ETH, which is worth about $31.74 million at the time of publication.
As a result, ETHE investors have sold 35,041 ETH, during the past seven days, worth about $75.12 million. This fund currently holds 3,167,035 ETH, which has a notional value of $6.79 billion.
BlackRock’s crypto outflow coincides with bullish sentiment
The significant cash outflow from BlackRock’s IBIT and ETHE coincided with a sudden market rebound today. Bitcoin price gained over 2.36% during the past 24 hours to trade at around $70,410 at the time of this publication.
Similarly, Ethereum price jumped 2.67% in the past 24 hours to trade at about $2,136 on Monday.
The notable crypto rally on Monday, which was catalyzed by the announcement from
President Donald Trump of a potential deal between the United States and Iran, outweighed the impact of the net cash outflows from spot ETFs.
Source: https://finbold.com/blackrock-starts-the-week-with-outflow-of-these-two-cryptocurrencies/