$BTC Bad News - BlackRock is not Buying Bitcoin, They are Selling

- Arkham Intelligence has revealed via a post on X that BlackRock, the world’s largest asset manager, is currently selling Bitcoin (BTC) holdings from its exchange-traded fund IBIT rather than buying. The update was accompanied by a visual representation of the transaction flows, indicating a significant move away from the asset by BlackRock.

The crypto market activity tracker stated, “guys I have some bad news, BlackRock is not buying. In fact, they are selling.”

BlackRock’s influence in the crypto sector grew after its launch of a Bitcoin ETF, named iShares Bitcoin Trust Bitcoin Holdings (IBIT). Analysts believe the entity is part of why BTC had a year of the books. However, following Arkham Intelligence’s insight, speculation is growing that the asset manager could be selling BTC in reaction to the coin’s recent market pullback.

BlackRock Bitcoin market activity concerns community

In May 2024, BlackRock reportedly moved a substantial amount of Bitcoin into cold storage, which was perceived by the market as a long-term investment strategy. The move was seen as a bullish signal, as investors rode on optimism that one of the most conservative financial institutions was betting on the longevity of Bitcoin.