According to DL News, BlackRock's investors are selling their Bitcoin. On Tuesday, clients of the asset management giant's flagship fund iShares Bitcoin Trust withdrew $523 million.
BlackRock is not alone: Data from DefiLlama shows that U.S. spot Bitcoin exchange-traded funds (ETFs) have evaporated $3 billion so far in November, approaching the $3.5 billion crash scale seen in February.
The recent large-scale dumping comes as the Bitcoin price hovers around $90,000 after a total sell-off of $1.2 trillion in all cryptocurrencies over the past month.
“This kind of volatility usually indicates that the downtrend may continue,” said Georgii Verbitskii, founder of the cryptocurrency investment app TYMIO. “It is very likely that we are entering a long bear market, either continuing to decline or trading in a long-term range around $100,000 or lower.”
Nicholas Roberts-Huntley, CEO and co-founder of Blueprint Finance, stated that the factors driving the decline in cryptocurrency prices are not limited to the cryptocurrency itself: “Tightening liquidity, rising interest rates, and slowing economic growth are all having adverse effects on the economy and triggering market concerns.”
This dumping reflects the widespread deterioration of global risk sentiment, and the stock market has also experienced fluctuations. Investors are closely watching Nvidia's financial report released on Wednesday, the delayed US employment data, and the divisions within the Federal Reserve— the Federal Reserve is still uncertain whether it should cut interest rates this year.
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