BlackRock recorded massive outflows from its spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) over the past week as the cryptocurrency market struggled with volatility.
To this end, the world’s largest investment manager saw investors pull a combined $1.197 billion from the two cryptocurrency products.
The data indicates that the bulk of the outflows came from BlackRock’s iShares Bitcoin Trust (IBIT), which saw approximately $1.008 billion exit the fund between May 18 and May 22. At the same time, BlackRock’s Ethereum ETF (ETHA) registered an additional $189.3 million in net outflows over the same period.
Bitcoin accounted for the overwhelming majority of the withdrawals. The heaviest single-day outflow occurred on May 18, when IBIT recorded a massive $448.4 million exit.
The pressure continued on May 19, with another $325.6 million leaving the fund, before moderating later in the week.
Even during the final trading sessions, investors continued reducing exposure to Bitcoin ETFs. On May 21, BlackRock’s Bitcoin fund posted another $103.7 million in outflows, followed by $68.9 million on May 22.
Ethereum ETFs outflows
Ethereum products also faced sustained selling pressure throughout the week, though on a smaller scale compared to Bitcoin. BlackRock’s ETHA fund recorded its largest daily outflow on May 19, when investors withdrew $59.4 million. This followed a $55.4 million exit on May 18 and another $38 million on May 21.
The data suggests institutional appetite for crypto ETFs weakened considerably during the week as traders likely moved to lock in profits or reduce risk exposure following recent market turbulence.
Overall, the divergence highlights a rotation in institutional appetite rather than an outright sector-wide exit.
Over the past week, Bitcoin traded in the mid-to-high $70,000 range, while Ethereum remained under pressure near the $2,000 to $2,400 zone.
Analysts note that outflows in major crypto ETFs may reflect profit-taking, retail weakness, and Fed-related inflation concerns. Still, some view the redemption streak as potential fuel for a rebound if sentiment improves.
