The selling surfaced at the exact same time an old viral clip of BlackRock CEO Larry Fink praising crypto began circulating again online, creating confusion for some investors.

But the key detail is this:
The selling was driven by ETF redemptions from investors — not necessarily a direct bearish bet from BlackRock itself.

When investors pull money from IBIT, the fund mechanically sells underlying Bitcoin to meet withdrawals.

Even after the recent outflows, BlackRock still controls one of the largest Bitcoin stockpiles in the world through its ETF products.