BlackRock's Bitcoin ETF Is $13 Billion Underwater

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 10 June 2026

⏱️ 27 minutes

🔗️ Recording | Apple Podcasts | RSS

🧾️ Download transcript

Summary

BlackRock's IBIT is sitting about $13 billion underwater on its Bitcoin holdings. Every ETH ETF is in the red. David walks through which funds bought the top, which took profit, and what happens to crypto if ETF holders finally crack. Plus: a preview of DAS Asia and DAS London, and the SpaceX pre-IPO trade on Hyperliquid. TIMESTAMPS: (00:00) Intro (01:16) Crypto ETFs (15:54) DAS Events 2026 (18:07) SpaceX Perps FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcript

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0:00.0	It is Wednesday, June the 10th. Welcome back to the breakdown. I'm your host David Cannellis.
0:04.6	And this morning, I've got a few quick things for you. We're looking at, we're looking at
0:08.8	ETFs again, but we're going to zoom into each ETF to understand, are they ahead on the crypto that
0:15.1	they've bought? How are these funds doing at a material level from a profit and loss standpoint. We're going to take a look
0:21.6	at which funds might come under psychological pressure as we go forward through the Bitcoin
0:28.2	bear market. What's going to be looking at pre-stocks? So pre-IPO perps ahead of SpaceX's
0:35.2	IPO, which is happening over the next few days. We're going to take taking a look at the market reaction leading up to what is set to be the
0:41.4	biggest IPO of all time.
0:43.1	So we're going to be taking a look at that.
0:45.1	Was you going to have a quick preview into Blockworks Digital Assets Summit events for the rest of the year?
0:51.0	So enough out of me.
0:52.4	This is the breakdown.
0:53.2	Let's get to it.
1:00.2	Okay. for the rest of the year. So enough out of me. This is the breakdown. Let's get to it. Nothing said on the breakdown is a recommendation to buy or sell securities or tokens.
1:03.3	This podcast is for informational purposes only and interviews expressed by anyone in the show
1:06.5	are opinions, not financial advice. Host and guests may hold positions in the company's
1:09.4	funds or projects discussed. So first I just want to explain what this is.
1:13.0	It's just a little bit of fun.
1:14.2	So like I'm sure if you're browsing crypto headlines, you know, daily, weekly, whatever
1:19.3	it is, you would see like the lower tier crypto media run headlines like BlackRock is
1:24.1	selling this much of this cryptocurrency or whatever.
1:29.0	And it's like they're referring to ETF outflows.
	...

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