BlackRock Offloads $257M in Bitcoin and Ethereum Amid Market Uncertainty
- BlackRock transferred 3,402 BTC, valued at $227 million, and 15,108 ETH, worth $29.5 million, to Coinbase.
- The asset manager’s Bitcoin ETF saw outflows of $157.56 million, while its Ethereum ETF experienced outflows of $29 million.
- Bhutan’s government has reduced its BTC holdings by nearly 60% since the crypto crash on October 10.
- A partial U.S. government shutdown is expected to begin tomorrow as Congress failed to reach a budget deal.
- During the last shutdown on January 31, Bitcoin prices fell from above $80,000 to lows around $60,000.
The impending government shutdown and significant sell-offs from institutional investors like BlackRock could lead to increased volatility in the cryptocurrency market. Additionally, today’s U.S. CPI report may further influence price movements depending on inflation readings.
As BlackRock offloads over $257 million in Bitcoin and Ethereum amidst these developments, market participants remain cautious following substantial outflows from its ETFs.(Source)
