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BlackRock’s Bitcoin Sell-Off Triggers Sharp Market Drop to $79K
BlackRock, the world’s largest asset manager, recently sold 5,100 Bitcoin (BTC) worth $409 million and 30,000 Ethereum (ETH) worth $64.8 million on Thursday (Feb. 27).
As a result, the crypto market turned red, with Bitcoin plunging to $79,400 per coin.
According to Arkham Intelligence, other major institutions, including Fidelity, also liquidated 8,300 BTC worth $670 million within 72 hours.
Meanwhile, Spot Bitcoin ETFs continue to see massive outflows:
$937.90 million on Tuesday (Feb. 25)
$754.60 million, $516.40 million, and $336.50 million in the same week
The question remains—why are top institutions selling Bitcoin in such large volumes?
BlackRock, the world’s largest asset manager, recently sold 5,100 Bitcoin (BTC) worth $409 million and 30,000 Ethereum (ETH) worth $64.8 million on Thursday (Feb. 27).
As a result, the crypto market turned red, with Bitcoin plunging to $79,400 per coin.
According to Arkham Intelligence, other major institutions, including Fidelity, also liquidated 8,300 BTC worth $670 million within 72 hours.
Meanwhile, Spot Bitcoin ETFs continue to see massive outflows:
$937.90 million on Tuesday (Feb. 25)
$754.60 million, $516.40 million, and $336.50 million in the same week
The question remains—why are top institutions selling Bitcoin in such large volumes?
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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