I noticed something interesting this week: the massive outflows of BlackRock’s crypto products. Between March 23 and March 27, the investment giant saw about $443 million leave its spot Bitcoin and Ethereum ETFs. That’s significant.

The curious thing is the difference between the two. The IBIT (their Bitcoin ETF) kicked things off strongly with $160 million in inflows on March 23, but it quickly reversed. On March 27, boom—$201 million in outflows in a single day. Despite that, there were a few smaller positive flows, indicating that some were buying at lower prices.

For ethereum, it’s a different story. The ETHA bled all week without interruption. The worst day was March 26, with $140 million leaving, followed by another $70 million the next day. In total, there were $285 million in net outflows. This looks like much weaker conviction in ethereum compared with bitcoin.

What’s clearly happening is that investors are cutting back their positions during periods of uncertainty. BlackRock’s bitcoin news shows that even big players are stepping back. Bitcoin holds around $65,000, but ethereum struggles to stay above $2,000. Typical of a market where everyone is protecting themselves rather than increasing their bets.