It appears that crypto exchange-traded funds (ETFs) are in for another week of substantial net flows, with Ethereum (ETH) facing extreme selling pressure.
Namely, BlackRock has dumped 117,144 ETH over the past 24 hours, worth around $507 million, while buying 1,166.79 Bitcoin (BTC) in the meantime, worth approximately $131.5 million, according to data retrieved from Arkham Intelligence.
As of the time of writing, the world’s largest crypto fund boasts over $100.76 billion in assets under management, with Bitcoin accounting for 84% of it.
BlackRock crypto holdings. Source: Arkham Intelligence
Ethereum ETFs plummeting
Ethereum ETFs posted no less than $912 million in weekly outflows just yesterday, September 8. As a result, U.S. spot ETH ETFs now manage only about $27 billion, with BlackRock alone holding roughly $16 billion.
On the other hand, Bitcoin ETFs drew $524 million in inflows during the same period, which helped offset weakness across other crypto products.
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