The Daily: BlackRock's Bitcoin ETF registers record outflows, Robinhood seeks to 'unleash the true power of the crypto revolution' and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Thursday! While the Crypto Fear & Greed Index has hit its lowest level since the Terra collapse fallout of June 2022, we're definitely not back in a bear market... right? 

In today's newsletter, BlackRock's Bitcoin ETF registers record outflows, Robinhood CEO Vlad Tenev seeks to "unleash the true power of the crypto revolution," a Congressman is set to introduce a bill to ban politicians from launching memecoins and more.

Meanwhile, the SEC will drop its case against MetaMask , according to Consensys founder Joe Lubin.

Let's get started.

BlackRock's IBIT sees record daily outflows

BlackRock's spot Bitcoin ETF IBIT witnessed record net outflows of $418.1 million on Wednesday as the crypto price plunge extended into a third day amid uncertainty surrounding President Trump's tariff plans.

• Despite losing $741.1 million so far this week, IBIT remains the largest U.S. spot Bitcoin ETF, with over $40.2 billion in cumulative net inflows and $51.6 billion in assets under management.
• IBIT also boasts a 72% market share of spot Bitcoin ETF trading, accounting for $4.1 billion of Wednesday's $5.7 billion volume.
• A total of $754.6 million left the combined U.S. spot Bitcoin ETFs on Feb. 26 — the second-highest daily outflows recorded since their debut — adding to a seven-day negative streak that now totals nearly $3 billion, including the record $1.1 billion outflows on Tuesday.
• The U.S. spot Ethereum ETFs saw $94.3 million worth of net outflows on Wednesday, again led by $69.8 million from BlackRock's ETHA product, with their five-day outflow streak now totaling $244.4 million.
• Meanwhile, Bitwise registered an Aptos ETF entity in Delaware, and the DTCC listed the first set of Solana futures ETFs as altcoin fund anticipation heats up.

Robinhood seeks to 'unleash the true power of the crypto revolution'

Robinhood CEO Vlad Tenev sees tokenization as a means to " unleash the true power of the crypto revolution " by enabling real-world assets, such as equities and private investments, to be brought onto blockchain technology, pending regulatory approval.

• Since the election of pro-crypto President Trump in November, Robinhood has added seven crypto assets in the U.S., including SOL, ADA, XRP and Trump's own official memecoin.
• With the SEC reportedly dropping its high-profile cases against major industry players, including Robinhood, and a new crypto regulatory framework promised by the Trump administration, Tenev expects additional crypto listings to come this year.
• The firm also plans to continue investing in its separate non-custodial Robinhood Wallet and aims to replicate its retail success in the institutional crypto market through its integration with Bitstamp.

Congressman attempts to ban politicians from launching memecoins

Democrat Rep. Sam Liccardo is set to introduce a bill to stop politicians and their families from issuing or sponsoring memecoins like those recently launched by President Trump and First Lady Melania Trump, according to a draft seen by the Associated Press.

• The MEME Act would force President Trump to "disgorge" profits made from the sale of his family's memecoins, though it has little chance of passing in the current Republican-controlled Congress.
• "Let's make corruption criminal again," Liccardo said in a video posted to X.
• Liccardo's bill has also reignited calls to ban politicians from buying and selling stocks — which remains legal despite potential conflicts of interest and the use of nonpublic information — with former Democrat House Speaker Nancy Pelosi becoming the face of the movement due to the popular Pelosi stock tracker on X.
• "We are a free market economy," Pelosi told lawmakers in 2021 in defense of their ability to trade. "They should be able to participate in that."

21Shares sees PCE data as potential catalyst for bitcoin boost

It's not all doom and gloom, with 21Shares Crypto Research Strategist Matt Mena suggesting Nvidia's strong earnings, positive PCE data and regulatory clarity as key drivers that could push bitcoin back above current levels , having now dropped 21% from its all-time high.

• "A positive regulatory tailwind, combined with strong Nvidia earnings — which signal continued AI-driven demand and boost overall risk sentiment — along with positive PCE inflation numbers this Friday, could create the perfect macro environment for bitcoin to not only reclaim its previous highs but potentially push beyond $150,000 as institutional and retail confidence surges," Mena told The Block.
• Regulatory clarity, especially on stablecoins and digital assets, could be a "game changer," he added, particularly in attracting institutional capital.

'Extreme fear' as crypto index hits multi-year low

The Crypto Fear & Greed Index hit a multi-year low reading of just 10 on Thursday, reflecting "extreme fear" in sentiment amid the recent price rout.

• The last time it was at such levels was in June 2022, as the bear market was getting underway in earnest amid the collapse of Terra, 3AC and Celsius.
• "While some fear the start of a [new] bear market, history suggests that 25% pullbacks are common in bull cycles," BRN analyst Valentin Fournier said. "U.S. efforts to establish a national crypto reserve remain a major long-term catalyst. We maintain our bullish stance and expect a market rebound before the end of the week."

In the next 24 hours

• U.S. PCE data are released at 8:30 a.m. ET on Friday.
• The Federal Reserve's Austan Goolsbee will speak at 10:15 p.m.
• ASI Alliance, Celo, Optimism and 1inch are all set for token unlocks.
• ETHDenver continues.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.