BlackRock may have just delivered yet another blow to the crypto bulls, dampening recovery hopes. The company has reportedly executed another tranche of selloffs for both Bitcoin and ETH ETFs.
BlackRock reportedly sold 6,735 BTC worth over $616 million in the last 24 hours. This selloff raised concerns of more downside risk even after its recent free-fall.
BlackRock’s BTC and ETH ETF outflows/ source: Arkham
In a Bitcoin news update, the company reportedly channeled the recent outflows into Coinbase Prime. BlackRock was one of the ETFs aggressively accumulating BTC through its ETF a few months ago.
While its demand previously aided the bulls, this latest wave of selloff may put more downward pressure on Bitcoin and Ethereum.
Although BlackRock sold off a substantial amount of BTC, it was only about 0.85% of the company’s total holdings which were over 788,000 BTC. In other words, BlackRock maintained supremacy in terms of BTC holdings.
Nevertheless, BlackRock outflo
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