BlackRock withdrew $312 million from Coinbase Prime in a single day, with $282 million allocated to its Bitcoin fund IBIT and $30.6 million to Ethereum funds ETHA and ETHB. The XRP ETF market represents only $1.40 billion in net assets, compared to $98.63 billion for Bitcoin ETFs and $15.13 billion for Ethereum ETFs. Steven McClurg, CEO of Canary Capital, states that BlackRock is unlikely to pay attention to the asset until existing competitor fund net assets reach a stable $3 billion. Nate Geraci, president of The ETF Store, calls this position ‘highly risky,’ predicting that BlackRock will eventually capitulate and launch additional spot crypto ETFs. The asset manager prefers letting competitors test demand and absorb initial regulatory risks while continuing to move hundreds of millions into BTC and ETH.
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