On-chain data platform Arkham Intelligence shows that BlackRock-linked addresses sold nearly $1.01 billion in Bitcoin last week. During the same period, U.S. spot Bitcoin ETFs collectively experienced net outflows of approximately $1.26 billion, marking the largest weekly outflow since 2026 and indicating a clear shift in institutional capital toward defensive positioning.
BlackRock accounts for the majority of the outflow volume.
Arkham data shows this is also BlackRock’s largest single-week decline in Bitcoin holdings since November 2025. On a weekly basis, BlackRock accounted for nearly the entirety of the U.S. spot Bitcoin ETF outflows for the week.
During this selling phase, Bitcoin briefly fell below a key level, then rebounded to around $77,443 during early-week trading. At the time of this report, BTC was trading at approximately $77,230, with minimal movement over the past 24 hours, but still below levels seen earlier this month.
Institutional funds shift to defense
Multiple market tracking firms have linked this round of ETF redemptions to institutional investors reducing their risk exposure. As cryptocurrency asset prices weaken again and appetite for risk assets declines, some capital is beginning to exit Bitcoin-related trading products, awaiting clearer market direction.
Data from CoinGlass and SoSoValue over the past few weeks also show a weakening momentum in the derivatives market, including declining open interest and volatile, fluctuating funding rates. This indicates that leverage trading sentiment is cooling in tandem with, and beyond, the spot ETF market.
BlackRock continues to advance its tokenized products
Despite reduced exposure related to Bitcoin ETFs, BlackRock has not slowed its deployment of blockchain-based financial products. The company has recently submitted a second application for a tokenized fund based on Securitize’s infrastructure to the U.S. Securities and Exchange Commission.
This application follows the expansion of BUIDL, a tokenized U.S. Treasury fund launched by BlackRock and Securitize in March 2024, which currently has assets under management of approximately $2.3 billion and has become one of the world’s largest tokenized Treasury funds.
The report notes that institutions such as Franklin Templeton, Fidelity, and State Street are also advancing tokenized asset products, indicating that competition in the real-world asset tokenization space continues to intensify. Meanwhile, the CLARITY Act being advanced by the U.S. Congress is still under review, aiming to provide clearer regulatory guidance for related businesses.