BlackRock dumps $500 million worth of Bitcoin in a day

BlackRock , the world’s leading asset manager, sold around 5,600 Bitcoin ( BTC ), worth over $513 million, on Tuesday, November 18, extending its five-day loss streak with the biggest withdrawal since launch. With the sell-off, the fund’s overall weekly outflows have climbed to $1.42 billion, according to the HeyApollo ETF tracker data Finbold reviewed on Wednesday, November 19. Currently, BlackRock’s overall net Bitcoin holdings sit at $71.9 billion, accounting for approximately 3.9% of the cryptocurrency’s total supply. BlackRock Bitcoin ETF flows. Source: HeyApollo Collectively, Bitcoin ETFs have shed 3,926 BTC, valued at $363 million, over the past seven days, while their monthly outflows have reached 22,886 BTC, worth $2.23 billion. Bitcoin slump continues The negative net changes came as Bitcoin briefly stabilized, rising past the $91,000 mark after sliding under $90,000 earlier in the week. At the time of writing, the flagship cryptocurrency was trading at $91,590, still down 12.65% on the week. BTC seven-day price. Source: Finbold Liquidity jitters remain elevated due to upcoming Federal Reserve rate decisions that have seemingly divided the market. For instance, traders currently assign a 52% chance of a 25-basis-point cut in December, based on the data available on the crypto-oriented prediction platform Polymarket . Until monetary conditions stabilize, institutional flows are likely to remain volatile. Indeed, spot Ethereum ( ETH ) ETFs showed similar strain. BlackRock’s ETHA registered $165 million in net outflows on Tuesday, while competing issuers collectively attracted just $91 million in inflows. The broader digital asset market is also under pressure. Cryptocurrency investment products saw $2 billion in outflows last week, the largest weekly withdrawal since February. At the same time, price swings across major tokens have dragged the crypto market’s total valuation from $3.7 trillion on November 1 to just $3.1 trillion at press time. Featured image via Shutterstock The post BlackRock dumps $500 million worth of Bitcoin in a day appeared first on Finbold .