BlackRock Moves $200 Million in Crypto as Bear Market Risks Rise
- BlackRock transferred 2,292 BTC, valued at nearly $200 million, and 9,976 ETH worth approximately $29.23 million to Coinbase.
- On December 23, Bitcoin ETFs experienced a net outflow of $189 million, with BlackRock’s outflows totaling $157 million.
- Ethereum ETFs saw daily net outflows of $96 million, including $25 million from BlackRock’s ETHA fund.
- Since the beginning of the month, Bitcoin ETFs have recorded a total net outflow of $629 million.
- CryptoQuant analysts indicate that the market may be transitioning into a bear phase rather than just experiencing a pullback.
The recent actions by BlackRock highlight significant movements in the cryptocurrency market amid ongoing downtrends for major assets like Bitcoin. Analysts are increasingly suggesting that current conditions may signal a deeper bear market as sentiment shifts.
With over $200 million moved to Coinbase and substantial ETF outflows noted, the situation underscores growing concerns about market stability and potential further declines.(Source)
