#贝莱德基金 The crypto ETF has collapsed! BlackRock's "money printing machine" has suddenly stalled.

Who would have thought that the crypto ETFs, which were crazily attracting capital just two months ago, have now turned into a "floodgate for funds"?

At the beginning of October, Bitcoin ETFs could absorb $5.2 billion in a single week, seemingly on track to set a record for "not running out of money for half a year." As a result, a $19 billion liquidation storm hit, with five out of seven weeks seeing massive outflows—Bitcoin ETFs lost $5 billion, and Ethereum ETFs slipped away with $2 billion, causing the brothers' net asset value to evaporate by one-third in two months, with Ethereum taking a direct hit.

The biggest losers in this wave of blood loss are the group of "money printing players" at BlackRock. Crypto ETFs were originally their easy money-making business: charging fees based on the amount managed. BlackRock, with a fee rate of 0.25%, saw its asset scale soar to a peak, and the fees felt like picking up money. But now, the scale has been cut from $195 billion to $127 billion, and Bitcoin ETF's fee income has directly dropped by a quarter, while Ethereum's situation is even worse, losing more than a third. BlackRock's own products have seen a more severe drop in fee income than the industry average.

What's more heartbreaking is the "the bigger, the worse": because BlackRock has the largest portfolio, it has become the first choice for selling off; Grayscale is even more wronged, having made quick money in the early years with high fees, but now, as investors flee, the high fees have instead become a death knell, leading to two years of bleeding.

In simple terms, crypto ETFs are a gamble where "you win big in favorable winds and lose everything in unfavorable winds." When the market is good, money pours in, and issuers count their earnings until their hands are sore; when the wind changes, funds flee faster than anyone else. Now, BlackRock is worried about: how can they keep the money from leaving? Create some new products with yields? But they haven't passed the regulatory hurdle yet.

So, what do you think? Is this crypto ETF "money printing machine" temporarily jammed, or is it completely broken? $BTC $ETH