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I noticed something interesting last week: BlackRock's Bitcoin and Ethereum ETFs experienced massive withdrawals. We're talking about a combined outflow of $443 million, which is quite significant. The Bitcoin ETF IBIT recorded about $158 million in withdrawals, but the real hit was on the Ethereum ETF, with $285 million leaving the fund.
What’s striking is the divergence. Bitcoin at least showed some resilience with a few isolated inflows at the start of the week, like $160 million on March 23. But afterward, it accelerated downward, with the largest withdrawal of $201 million on March 27. Ethereum, on the other hand, had continuous selling throughout — $140 million out on March 26, then another $70 million on March 27.
In my opinion, this shows investors are reducing their exposure right now. BlackRock is following the overall market trend. Bitcoin stays around $65,000, but Ethereum struggles to stay above $2,000. It’s clearly a market waiting.