Bitcoin fell about $2,300 in a short time, from around $89,500 down to $86,900. It happened during quiet holiday hours when fewer people are trading, so big moves can happen easier (like a small push making a big splash in a calm pool).
BlackRock (the huge company behind one of the biggest Bitcoin ETFs called IBIT) was secretly "dumping" tons of Bitcoin—moving over 1,000 BTC (worth ~$90 million) to Coinbase to sell and crash the price on purpose.
Here's the easier truth:
.BlackRock's ETF has been seeing outflows lately—meaning investors are pulling money out (like $91 million just on Dec 24). This is normal year-end stuff:
.people taking profits, rebalancing portfolios, or avoiding taxes.
.When money leaves the ETF, the ETF has to sell some Bitcoin to give cash back. They often send it to Coinbase (a big safe exchange) for that—it's routine operations, not sneaky manipulation.
.On-chain data shows these transfers happen regularly for ETFs to stay balanced. It's not BlackRock "dumping everything"—they still hold a massive amount and even call Bitcoin a top investment for next year.
.Other things added pressure:A huge $23-27 billion in Bitcoin "options" (like bets on future prices) expired that day, which can cause extra volatility.
.Holiday week means thinner trading, so any selling feels bigger.
