Recently the volatility in the price of Bitcoin has increased the fear of investors, with a lot of looking at the monitoring of the events that can influence the market. An important development is BlackRock’s transfer from Bitcoin and Ethereum to Coinbase Prime, which led the fear of a possible sale.
BlackRock, a large power control and issuer of the IBIT Bitcoin ETF, recently transferred $ 204 million to assets, including 1,800 BTC ($ 160 million) and 18,168 ETH ($ 44 million), to Coinbase Prime. Such major transfers to exchanges often indicate that potential sale of assets, who have caused concern to investors who are already nervous about the price drop from Bitcoin to $ 88,300.
However, experts warn that the transfer may not indicate a sale. Blackrock, as a custodian, manages assets for ETF investors without trading them directly. Analysts suggest that these transfers are more likely to be part of the regular fund management, such as portfolio again in balance or investor reimbursements.
ETF outflows arouse concern
The transfers from BlackRock came when the Bitcoin ETF market was confronted with large outflows, with investors pulling $ 937.9 million in one day. FBTC ETF from Fidelity saw $ 344.7 million out, while BlackRock’s Ibit ETF experienced $ 164.4 million. With BlackRock with 584,789 BTC (2.6% of the total offer), any potential sale can significantly influence the market.
Despite worry, BlackRock remains a strong in favor of Bitcoin. CEO Larry Fink has predicted that Bitcoin could reach $ 700,000 if sovereign wealth funds invest in it. Although there is market uncertainty, there is no clear sign that BlackRock is selling his bitcoin. The recent transfers are in line with the routine fund management of the company, no step to leave the cryptomarkt.
The volatility of Bitcoin exclaims concern
The Bitcoin price has recently fallen under $ 90,000, which marks a significant fall in his peak of $ 109,000. Geoff Kendrick from Standard Chartered has predicted a potential decrease of 10%, so that it is coupled to flow from US Bitcoin Spot ETFs. In addition, Arthur Hayes, co-founder of Bitmex, suggested that the Bitcoin price could go back to levels between $ 70,000 and $ 75,000, which were seen before the American elections. He believes that this could happen if former President Donald Trump fails to accept his proposed budget, including plans for increased government spending and raising the debt ceiling.
