BlackRock, the world’s largest asset manager, has sharply reduced its exposure to cryptocurrencies. In the last week of January, it pulled out nearly $1.2 billion from Bitcoin and Ethereum through its spot ETFs, reflecting growing caution among institutional investors.
Most of the selling came from Bitcoin. BlackRock’s iShares Bitcoin Trust (IBIT) saw around $947 million in outflows, with the heaviest selling happening at the end of the week. On January 29 and 30 alone, more than $800 million left the fund. This selling pressure helped push Bitcoin below the key $80,000 support level.
Ethereum also faced steady outflows, though on a smaller scale. BlackRock removed about $264 million from its Ethereum ETF. Despite a brief inflow mid-week, selling intensified toward the end, adding pressure to ETH prices, which dropped over 10% in 24 hours to around $2,415.
Overall, this move wasn’t just about BlackRock. U.S.-listed Bitcoin and Ethereum ETFs saw widespread outflows across the market, signaling a broader pullback by institutional investors as crypto prices weaken.