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Guavy AI Editorial Team••Sentiment: -3•Clout: 82

BlackRock's $446M Bitcoin Outflow Signals Weaker Institutional Demand

BTCETHcoinbase

BlackRock's Bitcoin outflow has reached $446 million, according to recent data. This significant movement is tied to ETF redemptions and reflects weaker institutional demand for the cryptocurrency.

The transfer of 7,432 BTC worth about $446 million to Coinbase Prime marked its largest single-day Bitcoin outflow. Additionally, 8,150 ETH were moved as part of settlement processes rather than direct market sales.

Market watchers are now focused on July flows to see if redemption pressure eases or continues to impact Bitcoin prices. The recent outflows from U.S. spot Bitcoin ETFs have seen nearly $4.06 billion withdrawn in June, indicating a weakening institutional demand as Bitcoin trades near $60,000.