What is the intention behind BlackRock's one-day crash of 172 million yuan, selling more and buying less BTC? How to translate Dear friends, the ETF institution data for June 22nd is out: BlackRock IBIT had a net outflow of $172 million in a single day, with approximately 2670 BTC redeemed. Please watch the video below showing BlackRock's data records of selling Bitcoin. This is already the third consecutive day of net outflow. BlackRock has been selling more and buying less this month, what the hell is going on? 1. Data speaks for itself: BlackRock is running, but it's not running cleanly! Let's take a look at the details for June 22nd first: Leakage party (who is the murderer): BlackRock IBIT net outflow of 172 million (approximately 2670 BTC) - the largest outflow source for the day. Grayscale GBTC net outflow of 81 million (approximately 1260 BTC). Just these two companies withdrew $253 million on that day. Inflow party (who is receiving): Ark ARKB has a net inflow of 64 million (approximately 995 BTC). Fidelity FBTC net inflow of 57.38 million (approximately 892 BTC). The net inflow of Grayscale BTC Mini Trust was 48.14 million (approximately 748 BTC). Net result: $68.3 million net outflow. BlackRock sold for 172 million, while others combined bought about 170 million - just offsetting. What does this mean? This indicates that this is not 'the entire market is running for its life', but rather BlackRock's customers are retreating while others are taking orders. Funds are changing hands internally. 2. How does BlackRock officially explain itself? Robbie Mitchnick, the head of BlackRock's digital assets, spoke frankly in an interview with Yahoo Finance: Firstly, the AI boom has drained funds. Since the end of 2025, the weakness of Bitcoin has been consistent with the performance of "almost all non AI assets". Funds are running towards AI concept stocks and technology IPOs, while Bitcoin, gold, and precious metals are all being drained. Secondly, the 'long-term catalyst' of Bitcoin is still present. Mitchnick believes that if the US debt and deficit issues become the focus again before the mid-term elections, Bitcoin will regain momentum. Concerns about government borrowing and printing money are one of the most important long-term driving factors for Bitcoin. In the short term, we withdrew first, but in the long term, we didn't leave. This is not running for our lives, it's rotation. 3. What does this mean for your empty ticket? BlackRock sold 4.51 billion in a month, and the accumulated outflow of 6.35 billion US dollars in 30 days of ETF set a historical record: these are all objective facts. Consistent with our mid line layout of BTC short positions, institutional funds are indeed withdrawing. But the key is here: data from June 22nd shows that Fidelity is buying, Ark is buying, and Grayscale Mini Trust is also buying. Funds are not one-sided, they are sold by BlackRock and taken over by others. What does this mean? It indicates that someone is indeed taking over the range of 62500-60000. Our empty target is 55000, but there may be several repeated pulls around 62000, and it will not be pierced in a straight line. 4. What does BlackRock intend to do? My judgment is: this is not 'BlackRock is bearish on Bitcoin and ran away', it is a customer redeeming, BlackRock is just an executor, passively selling Bitcoin. IBIT is a pipeline, where customers flow and where they go. On June 22nd, Fidelity and Ark were still buying, indicating that the organization is divided internally. If BlackRock is bearish on its own, it will not remain open on other products. The larger context is that AI is drawing blood - all the money is invested in AI, and short-term cryptocurrencies are neglected. But BlackRock himself said: the debt and deficit issues are still there, and that 'long-term narrative' is not dead. 5. To summarize. BlackRock's crash of 172 million yuan is true, and it is also true that it has been selling out for three consecutive days. But this is more like a 'short-term capital rotation', not a 'long-term faith collapse'. There is a high probability that there will be repeated pulling and pulling between 60000-62000, and it will not break immediately, but it will eventually break down and run towards around 55000. It is a fact that BlackRock is selling, and it is also a fact that Fidelity is buying. Two forces are pulling at 62000-63000, and whoever cannot hold on first, the direction will come out. Three dimensional integrated trading analysis of Bitcoin, BTC, BlackRock ETF