BlackRock has continued to sell Bitcoin consistently this week as the leading cryptocurrency puts a hold on its recent price rally, causing its price to remain steady around the $80,000 mark.
This appears to have triggered a broader drawdown in institutional interests as the broad ETF market focusing on Bitcoin, Ethereum and other Altcoins, have noted significant withdrawals on most trading sessions.
BlackRock offloads large amount of Bitcoin
Amid the rapid slowdown in institutional demand, the Bitcoin ETFs have just recorded a massive $635 million in outflow during their last trading session.
This marks the largest single-day outflow seen this week. This has reduced the cumulative net flow achieved so far to $58.50 billion as of May 13.
Following the negative performance seen in the Bitcoin ETF market, BlackRock being a major player in the market has made a huge deposit of $287 million worth of Bitcoin.
Considering the timing of the transaction, market watchers have declared the move to be an attempt to sell even though the company is yet to give any clear reason for the large Bitcoin deposit to Coinbase.
Although the massive withdrawal from institutional investors suggests that they may be losing confidence in the asset, there are speculations that the big players are only positioning for something big ahead.
Bitcoin drops below $80,000
After maintaining a steady position above $80,000 since the rapid price rally seen earlier this week, momentum is cooling and Bitcoin is back to the downside.
As of the time of writing, Bitcoin is trading in the red territory at about $79,421, following a mild price decline of 1.81% over the last 24 hours.
The ongoing price decline has raised concerns among market participants about what could be the asset’s next price move.
