The world’s largest Bitcoin ETF manager, BlackRock, has continued to offload more BTC as prices remain depressed.
Over the past day, Bitcoin’s price dipped to $106,376, after trading much higher at $116,400 earlier this week. The falling price now coincides with BlackRock’s continued sale of Bitcoin.
Market watchers highlighted in posts on X today that BlackRock moved 3,496 BTC to Coinbase Prime, the exchange’s institutional arm.
BlackRock’s Bitcoin and Ethereum Dump
Data from Arkham confirms that the latest transfer came in a series of mostly 300 BTC transactions sent to Coinbase hours ago. Collectively, the offloaded BTC tokens are worth $383 million.
These figures align closely with the two consecutive days of outflows BlackRock’s ETF has recorded. ETF data shows that BlackRock’s funds liquidated $88.1 million worth of Bitcoin on Wednesday and another $290.9 million on Thursday. The combined total of $379 million closely matches the observed transfer to Coinbase today.
Meanwhile, BlackRock is not only selling Bitcoin. It is also heavily offloading its Ethereum ETF holdings. Market data shows that BlackRock’s Ethereum ETF moved 31,754 ETH, worth $122 million, to Coinbase today. This figure also aligns with the $118 million in Ethereum ETF outflows recorded on Thursday.
Notably, this marks BlackRock’s first ETH sale this week. It previously sold $101 million worth of ETH on October 24.
Like Bitcoin, these Ethereum sales come as the price of ETH continues to decline. Ethereum is trading at $3,850 at press time, representing an 11.28% drop over the past 30 days.
Other ETFs Also Selling: Nearly $1 Billion in Two Days
This trend of selling is also visible across ETF products from other issuers. Asset managers, including Fidelity, Bitwise, Grayscale, and Ark Invest, posted negative flows at the end of trading yesterday.
In particular, seven Bitcoin ETFs, including BlackRock, sold BTC on Thursday, with no new inflows. This resulted in a total net outflow of $488 million. On Wednesday, the total net outflow was $470 million.
In other words, over the past two days, Bitcoin ETFs have collectively dumped nearly $1 billion worth of BTC.
However, the week began on a positive note, with inflows of $149.3 million on Monday and $202.4 million on Tuesday. Similarly, Ethereum ETFs recorded $380 million in purchases during those two days.
As the spot market turns bearish, ETFs are scaling back their investments. Still, these asset managers maintain significant holdings of BTC and ETH. For instance, BlackRock currently holds approximately $85 billion in Bitcoin and $14.87 billion in Ethereum.
Market Outlook
Despite the ongoing bearish trend, analysts believe the final two months of the year could hold promise for BTC and other assets. Among the most anticipated targets this year is for Bitcoin to break $150,000 or even $200,000.
Historically, BTC has reached new peaks in the final months of the year, and this time may be no different.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
