The roughly $123 million Bitcoin outflow was tied to client redemptions in BlackRock's IBIT, prompting the fund to sell BTC to meet withdrawals.
Clients of BlackRock's iShares Bitcoin Trust redeemed 1,948 BTC worth about $123 million, leading the fund to sell Bitcoin to meet withdrawal requests. The update clarifies that the movement was tied to client-driven ETF redemptions rather than a discretionary sale by BlackRock itself. Such flows are closely watched because spot Bitcoin ETFs create and redeem shares based on investor demand, requiring the fund to buy or sell the underlying asset as money enters or leaves.