- Over the past week, crypto funds BlackRock based on Bitcoin and Ethereum recorded a large capital outflow of $1,2 billion.
Last week, BlackRock saw a massive outflow of funds from its exchange-traded funds (ETF) based on Bitcoin and Ethereum, which was accompanied by high volatility.
As a result, the world’s largest investment company recorded capital outflow from these two cryptocurrency products in the amount of $1,197 billion.
The main part of the outflow had to to the BlackRock iShares fund Bitcoin Trust (IBIT), from which approximately $1,008 billion was withdrawn from May 18 to 22. ETF BlackRock Ethereum (ETHA) lost $189,3 million over the same period.
SoSoValue data
The largest single-day outflow occurred on May 18, when $448,4 million was withdrawn from IBIT. The pressure continued on May 19, when another $325,6 million was withdrawn from the fund, after which outflows tapered off by the end of the week.
During the recent trading sessions, investors continued to reduce their positions in bitcoin ETF. May 21 from Bitcoin- the BlackRock fund recorded an outflow of another $103,7 million, and on May 22 – $68,9 million.
Products based Ethereum also faced selling pressure, albeit on a smaller scale compared to Bitcoin. BlackRock’s ETHA fund showed The largest single daily outflow occurred on May 19, when investors withdrew $59,4 million. This was followed by a withdrawal of $55,4 million on May 18 and another $38 million on May 21.
SoSoValue data
These figures reflect a weakening of institutional interest in cryptocurrencies. ETF over the past week, but this is likely temporary due to rising US Treasury yields.
Over the past week Bitcoin traded in the range of $74,500 to $77,900, while эфириум fluctuated between $2000 and $2200.
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