BlackRock Sells $105 Million of Bitcoin as Recovery Stalls Again
BlackRock, one of the world's leading asset management firms, has continued its Bitcoin selling spree, dumping $104.97 million worth of the cryptocurrency amid market volatility.
The asset management firm has extended its prolonged selling activity since late October, with no new Bitcoin purchases recorded this month. The latest market data shows BlackRock's Bitcoin ETF posting another net outflow, continuing its negative daily trading sessions throughout the week.
Although Bitcoin initially showed signs of recovery earlier this week, the market has since reversed. The cryptocurrency has experienced its sharpest monthly price drop, falling from over $80,000 to $75,114 within just 24 hours, now trading at $75,979.
Investor Withdrawals
Although the market has remained volatile for several weeks, the significant sell-off seen in the last day has sparked further concerns among both retail and institutional investors as expectations for a November price recovery begin to fade.
Amid consistent investor withdrawals, BlackRock's massive sell-off has coincided with increased market volatility. Institutional investors appear to be rapidly withdrawing funds and exercising caution to hedge against potential further losses.
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