BlackRock's dominance extends beyond traditional asset management. The company is also the largest public holder of Bitcoin through its iShares Bitcoin Trust, an exchange-traded fund that currently holds more than $20 billion worth of the cryptocurrency.
Bitcoin holders pulled nearly $750 million worth of the flagship cryptocurrency from centralized exchanges in a single day this week, leading to the largest net outflow of bitcoin since May.
Historically, such outflows have been followed by rising prices, as often a decrease in supply on exchanges can lead to higher prices if demand remains stable or increases.
For example, a large withdrawal in late May coincided with a rally that took the price of Bitcoin from just below $68,000 to $72,000 in a matter of days. Conversely, large inflows have often led to lower prices, as evidenced by the crash in late July and early August.
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