BlackRock’s $104.97 million Bitcoin sale coincides with a 5.22% drop

BlackRock’s Bitcoin sale of $104.97 million, reported as $105 million, marked its fifth consecutive day of selling as Bitcoin’s attempted recovery reversed. The withdrawals coincided with a sharp price correction that took the cryptocurrency from above $80,000 to a low of $75,114 within 24 hours.

Data from SosoValue showed that BlackRock’s Bitcoin ETF registered its fourth net outflow of the week. IBIT recorded another substantial withdrawal on November 5, followed by the reported Bitcoin sale.

The figures capture two separate streaks: five consecutive days of Bitcoin selling by BlackRock and four net-outflow sessions for its ETF during the week. Investors continued to withdraw funds while the broader cryptocurrency market faced a deeper correction.

BlackRock’s Bitcoin sale accompanies a sharp price reversal

Bitcoin lost 5.22% over the past day, according to CoinMarketCap data cited in the November 6 report. The decline followed early signs of a recovery earlier in the week, leaving the asset trading back in the red.

Its move from above $80,000 to $75,114 represented the month’s sharpest reversal at the time of reporting. The pullback came after several weeks of market volatility.

The significant sell-off heightened concerns among retail and institutional investors, while expectations for a November price recovery faded. Alongside BlackRock’s Bitcoin sale, the repeated ETF withdrawals added to the week’s reported selling activity.

Bitcoin traded at $75,979 at the time of the November 6 report, above its 24-hour low but still down 5.22% on the day.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.