BlackRock recently sold 490 BTC worth $68.7 million, along with $87.2 million in Ethereum sales. Despite the liquidation, BlackRock still holds 749,500 BTC, underscoring its long-term positioning in the market.
It is noteworthy that the sale coincided with BlackRock's record Bitcoin ETF (IBIT). It currently manages over $91 billion in assets. This indicates that regulated exposure to Bitcoin remains highly sought after by investors.
According to Cathie Wood of Whale Insider, Ark Invest also recorded profits, with the sale of 559 BTC worth approximately $64.4 million through its Ark 21Shares Bitcoin ETF. This follows a general trend of negative ETF flows in August. This raises doubts about whether the recent sales are simply routine profit-taking or an early warning of a bearish momentum.
However, recent actions suggest that she is optimistic about the future of Bitcoin. In an interview earlier this year, Cathie Wood made a bold prediction: the price of Bitcoin could soar to at least 1.5 million dollars in the coming years.
According to Wood, the growing adoption of Bitcoin by corporations and institutional investors will act as a key growth driver. This would gradually stabilize its volatility and position it as a long-term investment vehicle.
A veteran trader, Dr. Profit, stated he was "more than sure" that the price of Bitcoin would fall below $100,000 in September. He added that this would happen before the currency recovered to new all-time highs in the following months.
Another analyst, Bull Theory, also echoed this prediction, projecting a price drop towards a support zone of around $98,000, with bullish potential towards $160,000 - $200,000 over the next six months if the bulls can defend critical levels.
Despite the liquidation, others see an opportunity in the current correction. Strategy expanded its holdings, acquiring 430 BTC for $51.4 million. Additionally, the Japanese company Metaplanet bought 775 BTC to raise its total stock to 18,888 BTC. Thanks to its aggressive accumulation strategy, the company has a BTC rating of 18.67x, increasing its resilience to volatility.
These actions imply that while companies like Strategy and Metaplanet benefit from the drop in Bitcoin's price, BlackRock and Cathie Wood's Ark Invest may be consolidating their gains. The short-term trajectory of Bitcoin currently depends on whether exchange platforms regain liquidity and if the bulls manage to hold the $109,000–$112,000 range.
