BlackRock's institutional clients sold $60 million worth of the iShares Bitcoin Trust ETF this week while buying over $20 million of the iShares Ethereum Trust ETF, according to data from Arkham Intelligence. The rotation leaves crypto ETFs with roughly $40 million more leaving than arriving, even as the two funds' returns since launch point in opposite directions.
BlackRock's institutional clients sold $60 million worth of the iShares Bitcoin Trust ETF (IBIT) this week, according to data from Arkham Intelligence. At the same time, they bought over $20 million of the iShares Ethereum Trust ETF (ETHA), a pattern that points to deliberate repositioning rather than panic selling.
The scale of the shift
IBIT holds between $47 billion and $55 billion in assets under management, one of the largest Bitcoin ETFs on the market. Against that base, the outflow amounts to roughly 0.1% of the fund.
That capital didn't move into cash or bonds. At least $20 million of it landed in ETHA, BlackRock's spot Ethereum ETF. Crypto ETFs overall still saw roughly $40 million more leave than arrive over the week.
Performance tells a different story
IBIT, which launched in January 2024, has delivered returns exceeding 35% since inception. ETHA, which began trading in mid-2024, has declined approximately 48% from its launch price. The fund carries no staking yield, so holders miss one of Ethereum's key value propositions.
What the rotation could mean
BlackRock's client base for these funds runs to pension funds, endowments, family offices, and sovereign wealth vehicles, not retail traders chasing momentum on social media. But a single sovereign wealth fund trimming a position could account for the entire outflow, since no granular client-level data is available.
For Ethereum, sustained institutional buying through regulated ETF products could provide meaningful price support at a time when the asset has struggled. Still, one week of $20 million in buying is a data point, not a trend.
Source: Crypto Briefing
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