As the Christmas holiday approaches, global financial markets are undergoing year-end adjustments, while the cryptocurrency sector is witnessing a massive capital flight. Once seen as the "bull run guardian," BlackRock has suddenly turned into the biggest seller, frantically dumping BTC and ETH at a rate of every minute, with a single day’s sales exceeding $250 million. This sudden dumping has shocked the market, reflecting the year-end anxiety of Wall Street institutions, and signifies that the entire narrative of cryptocurrency logic is quietly being rewritten.

The data clearly shows how fierce this wave of dumping is. iShares ETHA under BlackRock saw a net outflow of $139.26 million in a single day, consuming 61% of the total outflow of Ethereum ETFs that day. Even more heartbreaking is that just three days ago, this product had a net inflow of $23.2 million, and in 72 hours, it made a complete 180-degree turn, completely shattering the market's hopes for continued institutional accumulation.

What is even more concerning is that all Ethereum ETF products were flowing out that day, with old players like Grayscale and Bitwise also reducing their holdings, resulting in a collective selling pressure. What does this mean? The buying power of institutions has dried up, and the selling pressure is overwhelming, leaving no one to take orders in the market.

BlackRock's sudden shift is essentially a reflection of Wall Street's year-end "clearing accounts" and the dual pressure of risk aversion. For large institutions, the end of the year is not a time to rest but rather the final moment to present results to investors. Driven by both profit locking and risk aversion, large funds are starting to flow out of the encryption market ruthlessly. This is not a new development, but the scale and speed this time are enough to prompt a reevaluation of institutions' true attitudes towards crypto assets.