Bitcoin price remains stable despite $1.3 billion BlackRock ETF sale
A large block trade of approximately $1.3 billion in BlackRock's iShares Bitcoin Trust (IBIT) tested the liquidity of the largest spot Bitcoin ETF. Bloomberg analyst Eric Balchunas confirmed the transaction, noting that the market absorbed it well and the IBIT price remained virtually unchanged. This is reported by Cointelegraph.com .
According to TradingView data, although the price of Bitcoin (BTC) has fallen by 2% over the last 24 hours, it remained above the $75,600 level despite the large sale by a mysterious ETF holder. This price action indicates that there is sufficient liquidity and buyer demand in the market to absorb billion-dollar institutional sales.
However, this block trade could further intensify capital outflows from ETFs. According to Farside Investors, U.S. spot Bitcoin ETFs recorded a net outflow of $1.79 billion over the seven trading days leading up to Tuesday. CryptoQuant analyst Axel Adler assessed this as a sign of de-risking by large institutions.
Such market sentiment may be linked to a new wave of geopolitical tension in the Middle East. According to the BBC, the U.S. has struck missile sites in southern Iran, and in response, the Iranian Revolutionary Guard Corps announced it had shot down a U.S. drone. Such concerns are forcing investors to move to safer assets.
Other major entities are also taking risk-mitigation measures. Specifically, a Satoshi-era Bitcoin miner moved 2,650 Bitcoin worth $203 million to over-the-counter (OTC) trading platforms. At the same time, the Strategy company led by Michael Saylor did not make its weekly Bitcoin purchase, but repurchased $1.5 billion in debt obligations at a discount, reducing its total debt to $6.7 billion.
