BlackRock Sells 290 Million Dollars Worth of Bitcoin and Ethereum
BlackRock, the world’s largest asset manager, has moved to sell Bitcoin (BTC) and Ethereum (ETH) to reduce losses stemming from the sharp drop in their prices.
According to cryptocurrency-focused media outlet U.Today on February 7 (local time), BlackRock has been disposing of large portions of its Bitcoin and Ethereum holdings to prevent further losses. Data from on-chain analytics platform Lookonchain show that BlackRock recently deposited 4,248 BTC and 5,734 ETH into Coinbase Prime, a liquidity provision channel. This represents transfers worth approximately $281 million and $11 million, respectively, for a combined total of about $292 million.
The sale comes as Bitcoin plunged to the $60,000 level, marking one of its steepest downturns over the past year. Earlier this week, BlackRock had already sold $671 million worth of Bitcoin, heightening concerns that institutional investors may accelerate their exit from the market. The consecutive sell-offs by BlackRock, a leader in the spot crypto ETF market, are significantly dampening investor sentiment.
Industry insiders warned that BlackRock’s actions could undermine confidence among institutional investors. As a major issuer of spot Bitcoin and Ethereum ETFs, BlackRock is expected to support market trust, yet its move toward cutting losses is making it harder for the market to identify a clear bottom. The crypto market has effectively entered a full-fledged bear phase, with roughly $1.5 trillion in market capitalization evaporating since the start of the year.
Pessimism also dominates price forecasts among experts. Veteran technical analyst Peter Brandt suggested that Bitcoin could fall further to around $58,000, warning that panic selling may persist for weeks or even months. Charles Edwards, founder of Capriole Fund, noted that while the threat of quantum computing is not the root cause of the recent decline, price volatility around the $60,000 level is likely to intensify.
The crypto market is closely watching whether BlackRock’s large-scale fund movements will trigger additional downside. If Bitcoin fails to firmly defend the $60,000 support level, bearish sentiment is expected to become even more entrenched. Investors are now at a critical juncture, needing to focus on risk management while monitoring changes in BlackRock’s asset management strategy and supply-demand dynamics in spot ETFs.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely for informational purposes.*
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