*What’s Actually Happened*
1. There have been significant outflows from BlackRock’s crypto ETF(s)
BlackRock’s iShares Bitcoin Trust (IBIT) and related spot crypto ETFs have seen large withdrawals including weeks with combined outflows near ~$1 billion from $BTC and $ETH funds.
Finbold
In past months BlackRock’s Bitcoin ETF also experienced record outflows on certain days (hundreds of millions of dollars).
Reuters
But crucially: these outflows usually reflect investor behavior, not BlackRock “taking money out for itself.”
When clients redeem ETF shares, the fund sells the underlying crypto to return cash to those investors. BlackRock as the manager simply executes that process it’s not the firm hoarding cash or pulling capital for itself.