BlackRock sells $71.78 million in Bitcoin as ETF redemptions pile up

The sale reflects clients heading for the exits from the iShares Bitcoin Trust, not a change of heart at the world's largest asset manager BlackRock has sold $71.78 million worth of Bitcoin , according to a widely shared post on X. That number sounds dramatic when you attach the name of the world’s largest asset manager to it. The reality is more mundane, and arguably more telling. The selling traces back to investors pulling money out of BlackRock’s iShares Bitcoin Trust (IBIT), not to Larry Fink’s team deciding Bitcoin had a bad vibe. IBIT is the largest US spot Bitcoin ETF, holding tens of billions of dollars in assets. When shareholders redeem, the fund sells some of the Bitcoin backing those shares to pay them out.

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