BlackRock moves $287 million in Bitcoin, coinciding with rising institutional selling concerns

BlackRock continued to reduce its exposure to Bitcoin this week, just as the currency’s upward momentum slowed and stabilized near the $80,000 level, a move that sparked speculation of escalating selling pressure from institutional investors.

ETFs linked to Bitcoin and digital currencies saw strong outflows of about $635 million in the last trading day, the largest daily wave of withdrawals this week, reducing cumulative net inflows to $58.5 billion as of May 13.

In the same context, BlackRock transferred approximately $287 million in Bitcoin to the Coinbase platform, a move that observers believe may indicate its intention to sell, although the company did not issue an official clarification on the transfer.

Prior to this, institutional interest in Bitcoin had begun to temporarily decline, with a recent rally pushing Bitcoin above $82,000 before falling back below $80,000.

Bitcoin is currently trading near $79,400, down about 1.8% in the past 24 hours, which has reignited concerns about whether the market can sustain its upward momentum given increased profit-taking and declining institutional traffic.

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