BlackRock’s iShares Bitcoin Trust recorded a $430.82M outflow, its largest single-day withdrawal to date.
On the same day, BlackRock reportedly purchased $70M worth of Ethereum, signaling a shift in institutional focus.
Ethereum’s price trades near support at $2,494, while its BTC pair shows strength with a 1.4% gain.
On May 30, BlackRock's iShares Bitcoin Trust (IBIT) experienced its highest-ever single-day outflow, signaling a major portfolio shift. According to data from SoSoValue, the fund saw a net withdrawal of $430.82 million worth of Bitcoin, marking the most substantial daily exit since its launch.
This activity came amid a broader slowdown in digital asset inflows, impacting sentiment across the crypto market. However, institutional buying did not halt entirely. The same day, BlackRock reportedly purchased close to $70 million in Ethereum, suggesting a potential rotation in capital from Bitcoin into other leading digital assets.
Bitcoin Outflows and Market Impacts
The total value traded for IBIT on May 30 reached $2.72 billion, with net assets amounting to $69.21 billion. Despite the outflow, the market price of IBIT stood at $59.46, slightly below its net asset value, trading at a -0.08% discount. This discrepancy indicates minor pricing pressure, possibly driven by investor sentiment following the fund’s net outflow. The daily trading volume was reported at 45.68 million shares, underscoring continued activity even amid large-scale selling.
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The drop in IBIT’s daily inflow adds to a trend observed in recent weeks, where short-term volatility and shifting macroeconomic conditions have impacted fund flows. This development may reflect a recalibration among institutional players as they respond to evolving asset preferences. Importantly, BlackRock's share of the total Bitcoin ETF market remained at 3.33% as of May 30, showing consistent relative positioning even as holdings were adjusted.
Ethereum Gains Institutional Attention
Although the Bitcoin ETF attracted interest, Ethereum quietly started to gain traction as well. Both sources reveal that BlackRock obtained around $70 million in Ethereum on the same day it transferred $300 million of Bitcoin. While the price of Ethereum declined today by 3.7% to $2,520.22, the asset is still getting more attention from investors. The current support level rests at $2,494.41, while resistance is observed at $2,623.28, with a 24-hour price range between those markers.
Ethereum's current BTC pair price stands at 0.02436 BTC, a 1.4% increase, further supporting a mild strength of ETH against Bitcoin. The trend supports that Ethereum may be gaining popularity in institutional wallets during Bitcoin correction. The breakout may impact overall altcoin performance if Ethereum's strength persists, particularly if it breaks above the $2,623 resistance
Institutional Shift Toward Ethereum
These fund movements highlight a potential shift in institutional strategies as investors explore broader digital asset allocations. Although Bitcoin saw its largest single-day exit in IBIT history, increased Ethereum accumulation may indicate selective confidence in alternative assets. Whether this trend continues depends on market conditions and asset-specific developments in the near term.
