BlackRock Shifts Focus: Bitcoin Outflow Fuels $70M Ethereum Purchase

BlackRock has made a notable shift in its investment strategy, experiencing a record outflow of $430.82 million from its Bitcoin holdings. While the move signals a potential realignment of institutional portfolios amidst crypto market volatility, it also reveals BlackRock’s growing confidence in Ethereum. On the same day as the Bitcoin withdrawal, they purchased nearly $70 million worth of Ethereum, suggesting a potential movement away from Bitcoin into alternative digital assets.