The world’s largest asset manager, BlackRock, is again making headlines in the crypto space, and this time for selling Bitcoin to buy Ethereum. Over the past few days, on-chain data has shown BlackRock gradually liquidating portions of its Bitcoin holdings via the Coinbase Prime institutional platform. The trend of BlackRock’s BTC sales picked up on June 2 at 10:56 UTC, when it moved 300 BTC worth $31.3 million to Coinbase. For context, prior to this transaction, the last outflow to Coinbase was three weeks ago.BlackRock went on to offload a total of 5,362 BTC through a series of transactions: multiple 300 BTC batches, one transaction of 212 BTC, and another of 49 BTC. Altogether, the prominent asset manager dumped Bitcoin worth $561 million.Interestingly, while offloading BTC on Coinbase, BlackRock was simultaneously acquiring Ethereum. During this period, the firm withdrew 27,241 ETH from Coinbase, valued at $69.25 million. Snapshot of BlackRock Bitcoin and Ethereum transactions Why Is BlackRock Selling Bitcoin?Notably, the amount of Bitcoin BlackRock sold aligns almost perfectly with the outflow figures recorded by its iShares Bitcoin Trust over the past two days. On Monday, BlackRock’s Bitcoin spot ETF posted a $130.4 million outflow. On Friday, May 30, it recorded a $430.8 million outflow, bringing the two-day total to $561 million.During this same period, the overall U.S. Bitcoin spot ETF market experienced consecutive daily outflows starting last Thursday, totaling a $1.23 billion net drain.These negative trends followed ten consecutive days of positive flows into U.S. Bitcoin ETFs. The shift coincided with Bitcoin reaching an all-time high of approximately $112,000 in May before undergoing a retracement.Amid this retrace, investors grew cautious and began offloading their positions, as evidenced by outflows from BlackRock and other ETF managers. Notably, BTC’s price dipped to around $103,000 before rebounding slightly to $106,600 at press time, up 2.5% over the past 24 hours.Despite BlackRock liquidating over half a billion dollars' worth of Bitcoin in two days, its total Bitcoin spot ETF flows since inception remain strong at $48.439 billion. Meanwhile, its entire BTC holdings stand at 661,142 tokens, worth approximately $70 billion.Ethereum ETFs Remain PositiveWhile the Bitcoin spot ETF market has recently seen heavy outflows, Ethereum ETFs have shown a different trend. Ethereum spot ETFs have now maintained 11 consecutive days of positive inflows, led entirely by BlackRock.Yesterday, total Ethereum ETF inflows stood at $78.2 million, with BlackRock contributing $48.4 million and Fidelity adding $29.8 million. All other Ethereum issuers reported zero flows. Historically, inflows into Ethereum spot ETFs have largely come from BlackRock and Fidelity, with occasional contributions from Bitwise and Grayscale.
2025-06-03 18:54
The BlackRock Bitcoin ETF has emerged as the fastest-growing fund by assets, according to a recent disclosure by Bloomberg ETF analyst Eric Balchunas. Just 1.4 years since its launch, the BlackRock iShares Bitcoin Trust (IBIT) has amassed $72.4 billion in assets under management, making it the youngest ETF in the top 25 by a margin of over a decade. According to Balchunas, this development positions IBIT as the only fund under 10 years old on the list, and one that is nine times younger than the next-youngest ETF. https://twitter.com/EricBalchunas/status/1929872901479539068Notably, IBIT’s rise signals historic investor demand for direct Bitcoin exposure through a regulated ETF wrapper.Historic Asset Growth for a NewcomerAmong the top ETFs by asset size, longstanding funds such as Vanguard’s VOO, SPDR’s SPY, and iShares’ IVV each carry more than $580 billion in assets and have been active for at least 14 years. In stark contrast, the BlackRock Bitcoin ETF ranks 23rd in size despite its short existence, with its 1.4-year age making it a significant statistical outlier. Other ETFs, such as VWO and IEMG, are over 12 years old, underscoring the unusual nature of IBIT’s ascent.In his analysis, Bloomberg ETF analyst Eric Balchunas described IBIT’s position among the top ETFs as “like an infant hanging out with teenagers and twenty-somethings,” emphasizing the fund’s unusually young age relative to its peers. He added that this is possibly the most amazing stats pulled by IBIT. While older ETFs built scale over decades, the BlackRock Bitcoin ETF accumulated assets at an accelerated rate. He also pointed out the role of structural advantages—such as liquidity, cost efficiency, and the trust associated with traditional ETF frameworks—as key drivers behind IBIT’s success in attracting inflows.BlackRock Bitcoin ETF Could Surpass Satoshi Nakamoto as Largest BTC HolderAlongside its asset growth, IBIT has also emerged as a leading custodian of Bitcoin. According to Balchunas, IBIT currently holds 660,842 BTC, ranking it as the second-largest holder globally. Only the balance belonging to Bitcoin’s pseudonymous creator, Satoshi Nakamoto, exceeds IBIT’s holdings. Estimates suggest Satoshi’s wallets contain approximately 1,123,500 BTC, though some analysts, such as London-based Farside Investors, have questioned the certainty of that figure.Meanwhile, Balchunas emphasized that even conservative estimates still place IBIT on track to become the largest holder of Bitcoin by late 2026. The BlackRock Bitcoin ETF has purchased around $50 billion worth of Bitcoin since its inception, surpassing major holders like Binance and Strategy, which hold 622,546 BTC and 580,955 BTC respectively.Long-Term ETF Market Impact DiscussedIn a separate development, Strategy Chairman Michael Saylor in April predicted that IBIT could eventually overtake Vanguard’s VOO to become the largest ETF globally. At a Bitwise-hosted Bitcoin conference, Saylor outlined a potential path over the next decade where Bitcoin ETFs reshape traditional fund rankings. Balchunas later echoed this possibility, noting that while such an outcome remains speculative, IBIT’s trajectory is significant within the broader ETF industry.
2025-06-03 18:22
In a recent interview on CNBC's Squawk Box , Donald Trump Jr. shared that his family turned to Bitcoin and crypto out of necessity. Speaking with co-hosts Joe Kernen and Andrew Ross Sorkin, he presented why the Trumps got into crypto and what pushed them in that direction, insisting that it was not an attempt to chase the prevalent trend.Kernen asked Trump Jr. about the headlines tying Bitcoin to the Trump brand and the broader MAGA movement. He questioned whether it was appropriate for President Donald Trump to have a meme coin tied to his name.The Trump's Entered Bitcoin and Crypto Out of NecessityIn response, Trump Jr. explained that their turn to crypto started after his family entered politics. Before that, banks in New York returned his calls and approved loans for real estate projects without hesitation. https://twitter.com/SquawkCNBC/status/1929895962408861834However, once his father became president, those same institutions stopped answering. The Trumps found themselves shut out of the banking scene . According to him, the financial system turned on them overnight, and they couldn't get basic financing even with solid business records and assets.He said that was when he and his brother realized something important: the system was not built to be fair. Before politics, they had access to everything because of their name and resources. Afterward, they experienced the kind of financial roadblocks that everyday Americans face all the time. This opened their eyes. Notably, they saw crypto as a way to work around a system that suddenly turned against them.Blockchain Has Some Real BenefitsSpeaking further, he added that blockchain technology also has real advantages. As a real estate developer, he questioned why basic processes like title insurance still cost so much and take so long. He saw clear ways crypto could make those transactions faster and cheaper. For him, the decision wasn't about jumping on a trend, it was about survival and innovation. He described it as a necessary pivot after getting locked out of traditional finance.Sorkin then asked whether the Trump-linked meme coin could let foreign or domestic actors secretly send money to those in power. Responding, Trump Jr. distanced himself from the coin, saying he wasn't part of that project and instead focused on more serious areas like stablecoins and Bitcoin mining.Trump Jr: TRUMP Meme Coin a "Proof of Concept"Still, he defended the meme coin as a "proof of concept," arguing it shows how the crypto world recognizes that traditional finance doesn't treat everyone equally.Interestingly, Kernen compared the meme coin controversy to past scandals involving Hunter Biden's art and the Clinton Foundation. He suggested that, like those cases, the meme coin could open the door to influence buying. Trump Jr. acknowledged those concerns but pointed out the anonymous nature of crypto makes it hard to link transactions directly to political power. He said the coin proves how quickly the public is losing trust in traditional systems.When asked about criticisms from crypto insiders, Trump Jr. insisted that no one he spoke to had voiced any concerns. Instead, many thanked him for helping bring attention and credibility to the space. He said crypto attracts a wide range of people, including libertarians, conservatives, and those simply looking for more financial freedom, and that the support hasn't come from just one side of the political aisle.To wrap up, Sorkin asked if crypto could one day threaten the U.S. dollar. Trump Jr. said he believes the opposite. He pointed out that stablecoins like USD1 actually support the dollar's dominance. He explained that these coins now buy more Treasuries than many foreign governments do, helping maintain U.S. borrowing power. In his view, stablecoins might end up being the key to keeping the dollar strong in the long run.The Trump Family's Involvement in CryptoNotably, the Trump family has made major moves in crypto. In Q4 2024, World Liberty Financial, a decentralized finance platform inspired by Trump Sr., launched, raising $550 million through token sales. In mid-January 2025, just before the inauguration, Donald Trump launched the TRUMP meme coin while Melania Trump launched MELANIA . Reports say Trump-affiliated groups hold 80% of both coins. At the end of March, Trump Jr. and Eric Trump revealed they had taken a minority stake in American Bitcoin, a mining company created with Hut 8. Also, WLFI introduced the USD1 stablecoin , backed by a $2 billion investment from an Abu Dhabi firm through Binance. Then last month, Trump Media and Technology Group announced a $2.5 billion plan to build a Bitcoin treasury.
2025-06-03 18:14
