BlackRock Crypto Withdrawals Exceed $77 Million to Start the Week

Global investment manager BlackRock has reported notable cryptocurrency outflows to start the week, with its Bitcoin and Ethereum ETFs experiencing net withdrawals of over $77 million.

The iShares Bitcoin Trust (IBIT) led the withdrawals with 658 BTC withdrawn, valued at approximately $46 million. Despite this, IBIT remains heavily invested, with net holdings reaching 781,651 BTC, worth more than $54.7 billion.

Meanwhile, BlackRock's iShares Ethereum Trust ETF (ETHA) recorded a net outflow of 14,802 ETH, equal to around $31.74 million. This brings total Ethereum sales over the past seven days to 35,041 ETH, roughly $75.12 million.

The outflows coincided with an upward move in cryptocurrency prices, with Bitcoin climbing 2.36% in the past 24 hours and Ethereum gaining 2.67%. Analysts attribute this bullish sentiment to macroeconomic announcements, including talks of a potential US-Iran agreement.