According to DL News, BlackRock's investors are selling their Bitcoin. On Tuesday, clients of the asset management giant's flagship fund iShares Bitcoin Trust withdrew $523 million.
BlackRock is not alone: Data from DefiLlama shows that U.S. spot Bitcoin exchange-traded funds (ETFs) have evaporated $3 billion so far in November, approaching the $3.5 billion crash scale seen in February.
The recent large-scale dumping comes as the Bitcoin price hovers around $90,000 after a total sell-off of $1.2 trillion in all cryptocurrencies over the past month.
“This kind of volatility usually indicates that the downtrend may continue,” said Georgii Verbitskii, founder of the cryptocurrency investment app TYMIO. “It is very likely that we are entering a long bear market, either continuing to decline or trading in a long-term range around $100,000 or lower.”
Nicholas Roberts-Huntley, CEO and co-founder of Blueprint Finance, stated that the factors driving the decline in cryptocurrency prices are not limited to the cryptocurrency itself: “Tightening liquidity, rising interest rates, and slowing economic growth are all having adverse effects on the economy and triggering market concerns.”
This dumping reflects the widespread deterioration of global risk sentiment, and the stock market has also experienced fluctuations. Investors are closely watching Nvidia's financial report released on Wednesday, the delayed US employment data, and the divisions within the Federal Reserve— the Federal Reserve is still uncertain whether it should cut interest rates this year.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Florida and Massachusetts jointly recover $5.4 million in cryptocurrency scam assets
The Florida State Attorney’s Office and the Marion County Sheriff’s Office jointly recovered $5.4 million in cryptocurrency scam funds, involving an investment fraud scheme that used romance as a cover. Some of the funds have been returned to victims in Florida and Massachusetts. Since its inception, CFEU has recovered $7.2 million, and another $12.6 million in assets remains frozen. Massachusetts has also carried out multiple law-enforcement actions, shutting down scam websites and recovering funds.
MarketWhisper1h ago
Solv Protocol Integrates Utexo to Launch Native Bitcoin Yield Solution on RGB and Lightning Network
Solv Protocol and Utexo have partnered to create a Bitcoin yield solution using the RGB protocol and Lightning Network, allowing direct BTC and USDT swaps while prioritizing self-custody and privacy. Solv also invested in Utexo's recent funding round led by Tether.
GateNews2h ago
Bitcoin bull market index rises to 40 points; Bloomberg: the U.S. and Iran are considering extending the ceasefire agreement by two weeks
Bitcoin’s price as of April 16 is approaching $74,700. The Bullish Sentiment Index (BSI) has risen to 40 points, indicating a rebound in market sentiment. The United States and Iran are evaluating options to extend the current ceasefire agreement, and they are also discussing navigation issues in the Strait of Hormuz, as diplomatic negotiations continue.
MarketWhisper2h ago
