Crypto
BlackRock Unloads $120 Million on BTC, Sending Price Below $63,000
BlackRock's Bitcoin ETF recorded $122.7 million in outflows today, sending shockwaves through the market.
The sell-off is a substantial one, but experts caution that intraday capital flows are often driven by operational factors and do not necessarily signal structural weakness.
Institutional investors like BlackRock are known for their long-term confidence, but this move has raised concerns about heightened short-term volatility.
According to the 4-hour BTC chart, Bitcoin is currently trading around $62,987, still confined within a descending parallel channel. The successive lower lows indicate that the downtrend has yet to reverse.