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BlackRock Crypto Funds Hit by $45.8 Billion in Market Depreciation
BlackRock’s digital asset business contracted sharply over the past year even as investors continued to allocate money to its crypto products, showing how heavily the asset manager’s crypto franchise remains tied to bitcoin and ether prices. The firm reported $48.8 billion in digital asset products at the end of the second quarter, down from $79.6 billion a year earlier. That marks a decline of nearly 39%, despite $15.1 billion in net inflows into those products over the past 12 months. The main drag was market performance. BlackRock said the inflows were more than offset by $45.8 billion in market depreciation, ... (full story)
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