BlackRock Crypto ETF Assets Evaporate by $29.4 Billion…What Happened?

▲ BlackRock, Bitcoin (BTC), Ethereum (ETH)/AI-generated image ©

BlackRock's cryptocurrency Exchange Traded Fund (ETF) assets have reportedly decreased by approximately $29.4 billion in the first half of this year alone. The decline in Bitcoin (BTC) and Ethereum (ETH) prices led the overall reduction in assets under management, with Ethereum experiencing the largest drop.

According to crypto media outlet Finbold on July 3 (local time), an analysis of Arkham data revealed that the value of BlackRock's client assets, specifically Bitcoin and Ethereum ETF holdings, decreased from $78.36 billion on January 1 to $48.98 billion on June 30. This represents a $29.38 billion, or 37.5%, reduction during the first half of the year. As most of BlackRock's crypto portfolio consists of Bitcoin, the overall decline was significantly influenced by Bitcoin's price adjustment.

Bitcoin's holding value decreased from $68.05 billion to $44.62 billion during the same period, a reduction of $23.43 billion, or 34.43%. However, in terms of percentage decline, Ethereum was hit harder. BlackRock's Ethereum holding value dropped from $10.31 billion to $4.36 billion, a decrease of $5.95 billion, or 57.71%. Most of the losses in the first half occurred in the first quarter, during which the combined value of Bitcoin and Ethereum holdings decreased by a total of $20.47 billion.

Nevertheless, the decline in Bitcoin assets in the first quarter was more due to price depreciation than large-scale fund outflows. Bitcoin's price fell by 25.31% from $88,341 to $65,982, but BlackRock's holdings increased by 14,950 BTC, or 1.94%, from approximately 770,290 BTC to 785,240 BTC. In the second quarter, Bitcoin's price dropped from $68,232 to $60,136, leading to an additional $2.96 billion decrease in holding value.

Ethereum experienced both a price drop and a reduction in holdings simultaneously. During the first quarter, Ethereum's price fell by 33.12% from $2,966 to $1,983, and BlackRock's holdings also decreased by 410,750 ETH, or 11.82%, from approximately 3.47 million ETH to 3.06 million ETH. Consequently, the holding value decreased by $4.23 billion, from $10.31 billion to $6.08 billion. In the second quarter, the price further declined from $2,104 to $1,610, resulting in an additional $1.72 billion decrease in holding value.

The media outlet noted that the trend in the first half of this year significantly differed from last year. In the first half of 2025, the value of BlackRock's Bitcoin and Ethereum portfolios increased by $23.91 billion, or 43.66%, from $54.77 billion to $78.67 billion. At that time, Bitcoin accounted for most of the increase, and Ethereum also grew by $599.78 million. In contrast, this year, the overall market weakness, including the sluggish cryptocurrency market, a decrease in Bitcoin ATMs, and a reduction of 26,000 Bitcoin millionaire addresses, has been analyzed as affecting BlackRock's crypto ETF assets under management.

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