BlackRock Withdraws Bitcoin as Prices Decline
- BlackRock has made multiple withdrawals of Bitcoin (BTC) from Coinbase Prime, raising investor concerns.
- The asset manager’s total BTC holdings now stand at approximately 781,000 BTC, nearly 4% of the circulating supply.
- Recent Bitcoin price fluctuations saw it dip to around $95,000, down about 1% in the last day.
- Last week, BlackRock transferred about $294 million in BTC and Ethereum (ETH) to Coinbase amid market volatility.
- Bitcoin ETFs experienced an outflow of $394 million, while only IBIT saw a minor inflow of $15 million.
The recent withdrawals by BlackRock coincide with a pullback in Bitcoin prices after reaching highs above $97,000 earlier this week. This situation reflects shifting market sentiment and concerns over potential sell-offs following legislative setbacks.
As BlackRock continues to adjust its holdings amidst market fluctuations, the recent withdrawals may signal strategic moves in response to the current downturn, especially with Bitcoin now priced around $95,000.(Source)
