Clients of BlackRock pulled $202.48 million out of its iShares Bitcoin Trust in a single trading day and steered the cash into Ethereum funds. Bitcoin barely flinched, holding above $65,400 even as a stock-market rout wiped $800 billion off major tech names.
Investors withdrew $202.48 million, roughly 3,130 BTC, from BlackRock's iShares Bitcoin Trust in a single trading day, ending the fund's inflow streak and forcing the issuer to sell crypto to cover redemptions. The cash did not flee the asset class. It rotated instead into spot Ethereum ETFs, which drew net inflows of $26.32 million on the day.
Where the money moved
The rotation rippled across the spot Bitcoin ETF market. Total net outflows reached $225.18 million.
Beyond BlackRock, Bitwise's BITB shed $7.03 million, while Fidelity's FBTC lost $5.64 million and ARK 21Shares' ARKB recorded $4.30 million in withdrawals. Morgan Stanley's MSBT bucked the trend with a modest $5.01 million inflow.
On the other side of the trade, Fidelity led the Ethereum inflows with $14.93 million, ahead of BlackRock's own ETH fund at $11.39 million. The pattern, the report suggests, points to a controlled rotation of capital inside institutional portfolios rather than a retreat.
Bitcoin shrugs off an equity rout
Despite the redemptions, Bitcoin fell just 1% and stayed above $65,400. On the same day, a technology-sector sell-off erased $800 billion from the market value of major IT companies. That Bitcoin held its ground while equities panicked points, the report argues, to its growing independence from the traditional market.
Two views on the pause
The calm has split analysts into two camps. Optimists call the stability a "reaccumulation zone" ahead of another move higher, noting that Bitcoin sits far above the $53,000 average institutional purchase price. Skeptics counter that if Bitcoin ETF outflows persist, buyers may lack the strength to hold support, potentially opening the way to a deeper decline.
For now, BlackRock's position looks firm. IBIT still manages more than $60 billion, and total inflows into every spot Bitcoin ETF since launch have topped $51.63 billion.
Source: U.Today
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