BlackRock Halts Bitcoin Sale With $269 Million Amid 3-Day Accumulation Streak
Analysis
Price Impact
HighBlackrock's shift from selling to aggressive buying, accumulating a significant amount over three days, is a strong bullish signal for bitcoin, indicating sustained institutional confidence.
Trustworthiness
HighBlackrock is a major, reputable asset manager, and their actions with bitcoin etfs are closely scrutinized by the market, making this data highly reliable.
Price Direction
BullishDespite a recent dip, the consistent accumulation by a large institutional player like blackrock suggests underlying demand and potential for price recovery and upward movement.
Time Effect
LongThe sustained accumulation over multiple days and the commentary suggesting long-term positioning indicate that the impact of this accumulation will likely be felt over an extended period.
Original Article:
Article Content:
Cover image via U.Today BlackRock scoops $635 million in three days Bitcoin returns to red territory Advertisement After multiple days of a consistent selling spree, BlackRock has finally taken a pause on its usual Bitcoin sell activity and has switched to consistently buying Bitcoin. Despite the sudden flip in Bitcoin’s price to the negative territory, BlackRock has reignited bullish sentiment in the crypto market after receiving another 4,082 BTC worth about $269.41 million from Coinbase Prime. BlackRock scoops $635 million in three days The data , which was disclosed by on-chain monitoring firm Lookonchain, further revealed that the latest transfer marks the third consecutive day of Bitcoin accumulation by the leading asset management firm. HOT Stories Crypto Market Review: Bitcoin's $70,000 Guarded Like Treasure, Will Shiba Inu Have Bullish March? Ethereum Breaks Above 100-Day Threshold XRP Volume Rises 212%, Bitcoin ETFs Back in Demand With $506 Million, Dogecoin Price Reclaims $0.10 — U.Today Crypto Digest Over the three-day period, BlackRock has recorded a total net inflow of 9,615 BTC, worth about $635 million at Bitcoin’s current market price. Advertisement While the asset has continued to show mixed price action, the move suggests that institutional appetite for Bitcoin exposure is increasing, particularly as price action has recently stabilized. Although the market has flipped bearish again, market commentators believe that the sustained inflows indicate long-term positioning rather than short-term trading. While Coinbase Prime is largely renowned for frequently facilitating large over-the-counter transactions and custody services for major financial institutions, the large transfer into BlackRock’s ETF wallet has been closely watched by market participants. Advertisement Bitcoin returns to red territory While BlackRock’s renewed buying streak signals strengthened confidence among investors, Bitcoin’s price has flipped negative after the latest Bitcoin withdrawal from Coinbase. Over the last 24 hours, Bitcoin has dropped by 3.38% despite the rapid price surge seen in the previous day. As such, it is trading at $64,045 as of writing time despite reclaiming $69,953 three days ago. #Bitcoin #BlackRock #Coinbase #Bitcoin Price Prediction