Reports indicate that BlackRock, the world's largest asset manager, sold over $2 billion worth of Bitcoin and Ethereum in the past 10 days. This news came as the crypto market was undergoing a significant correction, with both Bitcoin and Ethereum prices weakening.
The selling volume was concentrated in Bitcoin.
According to the reported data, Bitcoin accounted for the vast majority of BlackRock's recent reduction in holdings, while Ethereum accounted for a relatively smaller portion. The article stated that BlackRock sold approximately $1.92 billion worth of Bitcoin and approximately $320 million worth of Ethereum.
- Bitcoin sales volume: approximately $1.92 billion
- Ethereum sales: Approximately $320 million
- Time range: Past 10 days
The report linked this round of selling to a general market decline. On June 4, Bitcoin briefly fell to around $61,000, while Ethereum retreated to around $1,700. The decline in the two major assets has also brought the movements of institutional funds into sharper focus.
The reason has not yet been disclosed.
The report noted that BlackRock did not publicly explain the specific reasons for the sale. The article attributed the possibilities to two points: first, some funds chose to realize profits early after the market correction intensified; second, investors may reduce their exposure to crypto assets and shift towards the equity market before expectations for a new round of US IPOs rise.
The article mentions that SpaceX, OpenAI, and Anthropic are considered potential IPO focuses in the coming months. Based on this, the report speculates that some liquidity may be shifting from the crypto market to these popular IPO targets. However, this assessment is part of the report's analysis and not an official statement from BlackRock.
The market is still observing subsequent fund flows.
The article also reviewed Bitcoin's significant volatility over the past few years. After the FTX crash in 2022, Bitcoin fell to around $15,000 before breaking through $100,000 for the first time in December 2024. The report emphasizes that the crypto market has historically been highly volatile, and periodic pullbacks are not uncommon.
However, the latter part of the article's discussion regarding the potential threat of quantum computing to Bitcoin's cryptographic security is more of a long-term risk projection, with no new factual developments at present. In the short term, the more direct variables remain institutional fund flows, changes in risk appetite, and whether mainstream assets can stabilize after a correction.
