BlackRock just dumped $1 billion of this crypto

BlackRock has made one of the largest crypto moves this year, with outflows worth $980 million worth of Bitcoin on Tuesday, September 23, according to the latest data retrieved by Finbold from ￰0￱ the numbers are staggering, the timing of the transfers were also noteworthy, as Bitcoin has been experiencing heightened volatility this ￰1￱ BTC outflows.) on Arkham do not mean BlackRock is speculating or dumping coins at will. Rather, spot Bitcoin ETFs like IBIT work through a creation and redemption process with authorized participants (APs). When investors sell ETF shares, APs redeem those shares, currently on a cash-settled basis, which requires the trust to sell Bitcoin and send cash back.

That’s what shows up as an “outflow” on Arkham: Bitcoin leaving the custodian wallet ( Coinbase ) to meet redemptions. Likewise, when demand rises, inflows happen as new ETF shares are created and Bitcoin is ￰2￱ ETFs also see major outflows Spot Ethereum exchange-traded funds ( ETFs ) also saw substantial outflows, bleeding $76 million on Monday, September 22, with BlackRock alone being responsible for $15.1 ￰3￱ timing is once again notable, as the sales came just days after BlackRock’s $500 million buying spree and an overall $1.9 billion in net inflows last week following the Fed’s 25 basis-point rate ￰4￱ funds led with $977 million in inflows, extending their four-week tally to nearly $4 billion.

Ethereum, on the other hand, added $772 million, lifting its year-to-date total to around $12.6 ￰5￱ pressure is now also increased by the ￰6￱ and Exchange Commission’s (SEC) new listing standards for NASDAQ, Cboe, and ￰7￱ have slashed the approval times for spot crypto ETFs from over 200 days to as little as 75, which is likely to turn eyes toward potential new launches, including Solana ￰8￱ image via Shutterstock