BlackRock is one of the world's leading asset management companies and has continued its long-standing trend of selling Bitcoin, reducing its holdings of this asset since late October.
BlackRock Bitcoin ETF Continues to Flow Out
Against the backdrop of continuous investor withdrawals, BlackRock sold bitcoins worth $104.97 million again on November 5th after another large-scale outflow of funds from IBIT.
Although Bitcoin showed initial signs of a potential rebound earlier this week, the market reversed direction again, and the asset returned to a downward trading range.
Although the large-scale sale of Bitcoin by BlackRock occurred during another period of market volatility, it appears that institutional investors are rapidly withdrawing their funds and adopting a cautious approach to hedge against further losses.
Bitcoin falls by 5%
Bitcoin has just experienced the most drastic price reversal of the month, falling from a high of over $80,000 to a low of $75,114 within 24 hours.
After this sharp decline, Bitcoin has fallen by a cumulative 5.22% in the past day, and as of press time, it was trading at $75,979.
Despite the market's volatile performance in the past few weeks, the heavy selling in the past day has further exacerbated concerns among retail and institutional investors, and expectations of a price rebound in November have also begun to weaken.
