Recently, the volatility of the Bitcoin price has increased investor anxiety, many events that may affect the market. Key development is the transfer of BlackRock from Bitcoin and Ethereum to Coinbase Prime, which has aroused fears of a potential sale.
Blackrock, who is a major guardian and transmitter of the major asset of the FNB Ibit Bitcoin, recently transferred a value of $ 204 million, including 1,800 BTC ($ 160 million) and 18,168 ETH ($ 44 million), in Coinbase Prime. Such important transfers to trade often report potential asset sales, which has raised concerns among investors who are already nervous about the drop in bitcoin prices to $ 88,300.
However, experts warn that the transfer may not report a sale. Blackrock, as a goalkeeper, manages assets for investors ETF without exchanging them directly. Analysts suggest that these transfers are more likely part of the regular management of funds, such as rebalancing the portfolio or investor buyouts.
ETF outputs raise concerns
Blackrock transfers came while the Bitcoin ETF market was faced with major outings, investors pulling $ 937.9 million in one day. The FTFC FTF of Fidelity experienced $ 344.7 million in outings, while the BlackRock FNB IBIT experienced $ 164.4 million. With BlackRock holding 584,789 BTC (2.6% of the total offer), any potential sale could have a significant impact on the market.
Despite concerns, Blackrock continues to be a solid supporter of Bitcoin. CEO Larry Fink predicted that Bitcoin could reach $ 700,000 if sovereign funds invest in it. Although there is an uncertainty of the market, there is no clear sign that Blackrock sells his bitcoin. Recent transfers comply with the management of routine funds of the company, not the decision to leave the cryptography market.
Bitcoin volatility raises concerns
The Bitcoin price recently fell below $ 90,000, marking a significant drop compared to its $ 109,000 peak. Geoff Kendrick of Standard Charterd has planned a potential decrease of 10%, connecting it to the outputs of the FNB bitcoin SPOT US. In addition, Arthur Hayes, co-founder of Bitmex, suggested that the Bitcoin price could return to levels between $ 70,000 and $ 75,000, which were seen before the US elections if the former Donald Trump does not succeed in passing his proposed budget, which includes plans for increased government expenses and the increase in the debt ceiling.
