As Larry Fink reshapes BlackRock Inc. beyond public markets, its latest results show one thing: Expectations for the world’s largest asset manager are going up.

BlackRock Inc. closed 5.93% below its 52-week high of $1,112.13, which the company achieved on July 14th.

BlackRock's iShares ETF business achieved record first-half flows of $192 billion. - Adjusted earnings per share of $12.05 beat analyst estimates by $1.23. - ETF revenue climbed to $1.9 billion, representing 42% of total fee income.

BlackRock delivered mixed earnings, leading to a sell-off. Shares of BlackRock (NYSE: BLK), the world's largest asset manager, fell 5.4% on Tuesday as of 3 p.m. ET. BlackRock reported earnings that actually beat on the bottom line,

Even as BlackRock posted per-share earnings for the second quarter that topped Wall Street’s forecasts, the firm’s shares fell meaningfully on Tuesday and underperformed the market. Shares fell 6% as the S&P 500 rose 0.

The firm’s strongest inflows were across its bond ETFs, which counted just under $44bn of additions in the period. BlackRock’s crypto and digital asset ETFs also reported $14bn of inflows, as investors push bitcoin and other cryptocurrencies to record highs.

BlackRock Inc. dropped the most since April as revenue and performance fees missed estimates, even as the world’s largest money manager hit a record $12.5 trillion in assets.