BlackRock fund sells $317 million in Bitcoin, ETF loses $1 billion

Bitcoin exchange-traded funds saw a strong withdrawal this week after data from the “Arkham Intelligence” platform showed that investors in the “BlackRock IBIT” fund sold about $317 million in Bitcoin, which increased market pressure and pushed currency prices down.

Despite the recent sell-off, BlackRock still holds approximately $64.3 billion worth of Bitcoin, with the average purchase price estimated at $83,200 per coin.

U.S. spot Bitcoin funds experienced outflows of more than $1 billion in a week, SoSoValue data showed, ending a six-week string of positive inflows that attracted about $3.4 billion.

The largest daily wave of withdrawals occurred on Wednesday, when more than $635 million left funds, while about $290 million of outflows were recorded in Friday trading alone, but no funds posted positive inflows.

The pressure has also extended to the Ethereum fund, which has seen withdrawals for the fifth consecutive day, with more than $65 million in exits from Ethereum-related investment products.

At the same time, the market encountered a strong wave of buying and liquidation, with Bitcoin prices falling more than 3% during Saturday trading, from above $82,000 to near $78,000, causing leveraged traders to lose more than $500 million.

Also read:

Bitcoin price crosses $78,000 mark, altcoins panic

“Armstrong” reveals Coinbase’s biggest goal: reaching 1 billion users