Leading asset management firm BlackRock has made another major Bitcoin deposit, which suggests that the firm has resumed its regular Bitcoin selling activity amid the extensive market downturn.
This move has sparked discussions across the crypto community as questions about the basis on which BlackRock buys and sells Bitcoin are surfacing.
BlackRock dumps Bitcoin worth $213 Million
After a recent Bitcoin purchase that sparked optimism among investors, the latest data shows that BlackRock is back to selling, dumping $213.63 million worth of BTC a few hours ago.
While this shows that investors have continued to take caution amid the prolonged market volatility, the move has caught the attention of market participants.
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The Bitcoin sale from BlackRock follows a notable outflow in its Bitcoin ETF, which arrived only a day after BlackRock’s Bitcoin ETF recorded a net inflow of 537 BTC, worth about $33.18 million.
The inflow, which saw BlackRock buy Bitcoin for the first time in over 13 days, had sparked speculation among market participants that Bitcoin may have found a local bottom.
BlackRock ETF flows impact Bitcoin’s price
According to analysts, historical trends have frequently shown a correlation between BlackRock ETF flows and Bitcoin’s short-term price direction.
However, the outflow seen recently has dashed the hopes of investors who suggested that a recovery may be near for Bitcoin after the purchase BlackRock made.
Although the previous day’s inflow was considered a potential bullish signal by some market watchers, the latest outflow that suddenly followed it suggests that the market is still uncertain and institutional conviction remains weak.
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