As the cryptocurrency market came under heavy selling pressure, with Bitcoin (BTC) at risk of losing the $110,000 support level, BlackRock, the world’s largest asset manager, took a cautious step.
Data shows that the company recorded no transactions for its Bitcoin exchange-traded fund (ETF).
Specifically, on September 22, BlackRock’s iShares Bitcoin Trust (IBIT) reported zero net inflows or outflows. On a day when most issuers faced significant redemptions, the absence of activity from such a major player stood out.
While BlackRock stayed on the sidelines, the broader Bitcoin ETF market saw a wave of withdrawals. For instance, Fidelity’s FBTC led with $276.70 million in outflows, followed by ARK Invest’s ARKB at $52.30 million, Grayscale’s GBTC with $24.60 million, and VanEck’s HODL ETF with $9.50 million.
Other issuers, including Bitwise, Invesco, Franklin Templeton, and WisdomTree, reported no net movement, consistent with their lower trading volumes. In total, Bitcoin spot ETFs posted $363.10 million in net outflows for the day.
However, on Tuesday, September 23, BlackRock recorded significant activity around its Bitcoin ETF. As reported by Finbold, the fund recorded one of the year’s largest crypto moves, with $980 million in Bitcoin outflows.
BlackRock trims Ethereum
Interestingly, while BlackRock avoided Bitcoin trades on Monday, it did trim its Ethereum (ETH) exposure. The firm’s Ethereum ETF (ETHA) saw $15.10 million in redemptions, contributing to a broader $76 million net outflow from Ethereum spot ETFs.
Fidelity’s FETH led with $33.10 million in withdrawals, followed by Bitwise’s ETHW at $22.30 million and Grayscale’s ETH fund at $5.50 million. VanEck, Franklin, and Invesco recorded no net changes.
The massive outflows in both Bitcoin and Ethereum contributed to a wider market correction. Bitcoin fell below $113,000, while Ethereum and XRP also shed significant value overnight.
Overall, the total cryptocurrency market capitalization dropped below $4 trillion, closing around $3.9 trillion.
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