BlackRock Sells $105 Million in Bitcoin as BTC Price Falls Below $76,000

BlackRock’s spot Bitcoin exchange-traded fund recorded another major withdrawal as Bitcoin struggled to recover from its latest market decline. According to SoSoValue data, BlackRock’s iShares Bitcoin Trust (IBIT) registered $104.97 million in net outflows on November 5.

The withdrawal marked the fund’s fourth negative trading session this week, reflecting sustained selling pressure among investors. Meanwhile, Bitcoin dropped more than 5% within 24 hours, pushing its price below $76,000 amid broader cryptocurrency market weakness.

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BlackRock Bitcoin ETF Records $104.97 Million in Daily Outflows

BlackRock’s IBIT recorded another substantial withdrawal on November 5, extending a series of negative sessions throughout the week. SoSoValue data showed that investors withdrew approximately $104.97 million from the fund during the trading session.

Significantly, the latest withdrawal marked IBIT’s fourth daily outflow this week, indicating persistent selling pressure among institutional market participants. The fund has struggled to maintain positive investment flows since late October, coinciding with Bitcoin’s declining market performance.

Despite BlackRock’s position as a major institutional Bitcoin investment provider, its ETF has experienced repeated withdrawals during November. These transactions reflect investor redemptions rather than necessarily representing direct Bitcoin sales initiated by BlackRock itself. Additionally, the latest outflow occurred during heightened market volatility following Bitcoin’s unsuccessful attempt to recover above $80,000.

Bitcoin Price Drops 5% as Institutional Withdrawals Persist

Bitcoin experienced another significant decline as selling pressure pushed the cryptocurrency below several important price levels. According to recent data, Bitcoin fell 5.22% over 24 hours, reaching approximately $75,979 during the reporting period.

The cryptocurrency previously traded above $80,000 before declining to an intraday low of $75,114. Notably, the decline coincided with BlackRock’s latest ETF outflow, highlighting simultaneous weakness in Bitcoin prices and institutional investment flows.

Bitcoin’s inability to sustain its position above $80,000 also weakened earlier recovery attempts across the cryptocurrency market. Meanwhile, the $75,114 intraday low demonstrated the extent of selling pressure during the latest trading session.

Bitcoin ETF Withdrawals Add Pressure to Market Recovery

BlackRock’s latest outflow highlights weakening investor demand during Bitcoin’s broader market downturn. The $104.97 million withdrawal represents another reduction in investor exposure during a period of declining cryptocurrency valuations.

Persistent ETF withdrawals could complicate recovery efforts if investors maintain reduced exposure across subsequent trading sessions. Bitcoin remained below $76,000 during the reporting period, while BlackRock’s IBIT registered its fourth negative trading session this week.