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Cryptocurrency exchange-traded funds (ETFs) posted withdrawals on the last day of last month. BlackRock alone has dumped 2,724 Bitcoin (BTC), valued at over $292 million.

 

According to HeyApollo data, the largest fund manager in the world currently holds 802,810 BTC, which is worth approximately $87.43 billion. After losing about $519 million in assets under management this week, Bitcoin ETFs currently have a market value of 1.349 million BTC, or $146.9 billion in the digital asset.

A $500 million private-credit fraud scandal connected to BlackRock’s recently acquired HPS division coincided with the outflows, which is interesting. Minutes after BlackRock completed the $12 billion buyout, court documents claim that phony invoices and forged contracts were used to obtain loans, casting doubt on investment standards. Bitcoin rose modestly on Friday and once again surpassed the $110,000 mark despite pressure from ETFs.

The total daily outflow for Bitcoin ETFs was 4,559 BTC ($490 million), with BlackRock recording the largest figures. Bitwise experienced a $55.15 million withdrawal, while Ark saw $65.62 million go out. Grayscale Bitcoin Trust lost only $10 million, and Fidelity followed with a loss of just $46.5 million.

VanEck saw outflows of $3.08 million, Invesco $8 million, and Grayscale Mini Trust $8.49 million, among other smaller withdrawals. The monthly chart remains positive, showing an increase of 30,904 BTC, or more than $3.56 billion, despite the substantial losses.