The divergence between fund flows and asset values highlights how sharply crypto prices have declined over the past year. BlackRock's digital asset funds pulled in $15 billion of net new investor money during that period, reflecting sustained institutional appetite for exposure to the sector. Despite those inflows, the total value of the firm's crypto holdings fell 39%, as falling token prices more than offset the fresh capital entering the products. The gap illustrates the extent to which market conditions weighed on portfolio valuations, even amid continued demand. For one of the world's largest asset managers, the decline underscores the volatility that persists across cryptocurrency markets. The figures suggest that while investors remained willing to allocate to BlackRock's crypto vehicles, the price environment eroded the mark-to-market worth of those positions considerably over the same stretch.
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