Institutional crypto flows swung sharply last week. US spot Bitcoin exchange-traded funds recorded about $1.17 billion in net outflows for the week ended Aug. 22, the second-largest weekly withdrawal since the products launched. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for roughly $615 million of the redemptions, according to data cited by CoinShares and Cointelegraph. On-chain transfers underline the retreat. Blockchain data show BlackRock sent 1,940 bitcoin valued at about $220.7 million to Coinbase Prime on Aug. 21 and another 1,703 bitcoin worth roughly $189 million on Aug. 25. Earlier in the week the asset manager also moved 63,280 ether, or $257.8 million, out of its wallets, before reversing course and purchasing about 53,890 ether for $233.6 million across Aug. 21-22. That switch mirrored a broader split between the two largest digital assets. CoinShares estimates that digital-asset investment products saw $1.43 billion of outflows globally, the most since March, with bitcoin responsible for about $1 billion. Ethereum products lost $440 million over the same period but attracted a mid-week surge: spot ether ETFs drew $341 million of net inflows on Aug. 22 and $624 million over two days, according to ETF-flow trackers. Other Wall Street firms are taking the opposite side of BlackRock’s bitcoin trade. Goldman Sachs bought roughly $194 million of bitcoin exposure on Aug. 25, bringing its holdings via ETFs to an estimated $470 million. The moves came as BlackRock Chief Executive Officer Larry Fink reiterated that bitcoin can serve as a hedge against currency debasement, underscoring the diverging strategies now playing out among the market’s largest institutional participants.