BlackRock sold $550 million of these cryptocurrencies on Monday
BlackRock’s (NYSE: BLK) spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) recorded almost $550 million in combined net outflows on November 2. Specifically, BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the largest share of withdrawals, recording $405.3 million in net outflows. Bitcoin ETF inflow/outflow chart. Source: CoinGlass Its iShares Ethereum Trust (ETHA) registered another $138.3 million in withdrawals, while the iShares Staked Ethereum Trust (ETHB) shed $4.6 million. Advertisement Ethereum ETF inflow/outflow chart. Source: CoinGlass The combined outflows reached $548.2 million, highlighting weakening institutional demand for cryptocurrency investment products. Weakening crypto ETF demand The withdrawals came amid a broader downturn across US-listed cryptocurrency investment products, which recorded approximately $545.3 million in combined net outflows on Monday. Bitcoin ETFs led the withdrawals, re...