BlackRock Loses $1.735 Billion in Cryptocurrency Funds

Capital outflows from BlackRock's cryptocurrency funds are increasing. The iShares Bitcoin Trust (IBIT) recorded eight consecutive days of outflows from October 30 to November 10, totaling approximately $1.735 billion. The largest single-day outflow was $405.3 million on November 2. The latest session saw an outflow of $78.2 million, which may suggest a weakening of selling pressure. The iShares Ethereum Trust (ETHA) is also facing outflows, which amounted to about $543.8 million during the same period. The largest outflow was $138.3 million on November 2, and only $2 million was withdrawn from the fund on November 10. Despite these challenges, BlackRock does not plan to exit the cryptocurrency market, as IBIT has attracted a net of approximately $64.81 billion, and ETHA $11.4 billion. The total balance remains positive, amounting to nearly $77 billion. BlackRock manages assets worth $15.49 trillion, of which $79.6 billion is allocated to digital assets.

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