BlackRock, the world’s largest investment asset manager, has offloaded over $350 million in cryptocurrency in two days, deepening pressure on an already fragile market that has slid sharply this week.
On-chain data indicates that between November 3 and November 4, the firm offloaded a combined $379.3 million worth of Bitcoin (BTC) and Ethereum (ETH).
The outflows stem from both the asset manager’s spot Bitcoin and Ethereum ETFs, with roughly $186.5 million exiting its Bitcoin fund and another $192.8 million being pulled from its Ethereum product since the start of the week.
The rapid withdrawals come as institutional sentiment turns defensive following a break below key support levels across the crypto market. To this end, the market has seen an outflow of about $1 trillion in the past month.
The exodus coincides with a turbulent stretch for digital assets. Bitcoin slipped back below the $100,000 threshold for the first time in months, while Ethereum retreated from recent highs as traders rushed to de-risk positions.
Crypto market slump
Analysts point to a broader risk-off shift in global markets fueled by persistent uncertainty around Federal Reserve policy and the prospect that interest rates may remain elevated longer than investors expected.
With traders locking in profits after a strong year-to-date rally, the unwind in leveraged positions accelerated the sell-off, triggering a wave of liquidations and intensifying volatility. Investor caution has also been evident across ETF flows, where inflows that once propelled fresh highs have turned into meaningful outflows.
Market watchers warn that without a catalyst to restore confidence, momentum-driven assets such as Bitcoin and Ethereum could face continued pressure in the near term.
Notably, attention will turn to institutional behavior on November 5, as renewed inflows into several ETFs could help the top two cryptocurrencies reclaim key resistance levels even as bullish sentiment begins to creep back into the market.
As of press time, BTC was trading at $103,079, down over 3% in the past 24 hours, while Ethereum was down 6% over the same period at $3,350.
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