BlackRock Sells Off Another $105M in Bitcoin as Recovery Fizzles
BlackRock dumped $104.97 million worth of Bitcoin after its IBIT fund bled outflows for a fourth day this week. The selling streak stretches back to late October, and Bitcoin's slide from above $80,000 to $75,114 in a single day isn't helping nerves.
BlackRock isn't done emptying its pockets. The asset management giant sold another $104.97 million worth of Bitcoin after its iShares Bitcoin Trust (IBIT) posted yet another net outflow on November 5, according to SosoValue data. It marks the fund's fourth negative session this week.
The selling spree has been running since late October, and BlackRock has yet to log a single fresh Bitcoin purchase this month. Every trading day this week has closed in the red for the fund as investors keep pulling money out.
The timing is rough. Bitcoin just pulled off its sharpest reversal of the month, tumbling from a high above $80,000 to $75,114 inside 24 hours. The coin is down 5.22% over the past day and was trading around $75,979 at the time of writing.
That whiplash has institutional players hitting the exits fast, with many moving to hedge against deeper losses, U.Today reported. Retail investors are rattled too, and hopes for a November comeback are fading by the day.
All eyes now sit on the next round of daily IBIT flow numbers, which will show whether BlackRock's run of withdrawals finally breaks or keeps dragging on.
TopicsBlackRock · Bitcoin · IBIT · iShares Bitcoin Trust · SosoValue · U.Today
Source: u.today
Written by Paparazzi with AI. Not financial advice.
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