In the last two weeks, Bitcoin whales have sold a sizable quantity of the cryptocurrency, making major changes in the market. The cryptocurrency community has taken notice of this transaction, which has a market value of almost $3 billion and is estimated to be worth 70,000 BTC. The reasons behind such a significant divestiture in such a short amount of time have come under scrutiny in light of this large selloff.
A huge move in the cryptocurrency market has been executed by bitcoin whales, who have sold 70,000 BTC, or about $3 billion, in the last two weeks. This significant divestment has drawn attention from the cryptocurrency community and prompted questions about the reasons for such a large sell-off in such a short period.
Bitcoin ETFs on the Edge
In tandem with this significant advancement, Exchange-Traded Funds (ETFs) for Bitcoin, most famously represented by the “Cointucky Derby,” faced a difficult day. The Grayscale Bitcoin Trust ($GBTC) saw an extraordinary withdrawal that exceeded $640 million in a single day. These withdrawals show no signs of slowing down, suggesting growing investor anxiety.
The greatest day outflow for the trust ever recorded, the $640 million outflow from $GBTC marked a noteworthy milestone. Outflows from $GBTC have now totaled a significant $3.45 billion, highlighting the extent of the current sell-off.
An update on the matter disclosed BlackRock’s participation in the Bitcoin ETF market. Remarkably, $IBIT experienced its third-largest inflow day, drawing $272 million into the fund. Interestingly, $IBIT kept a net outflow of just -$76 million for the day, despite withdrawals seen in other Bitcoin ETFs.
In conclusion, Bitcoin whales have created waves with the selling of 70,000 BTC, or $3 billion, in just two weeks. At the same time, significant withdrawals have been experienced by Bitcoin ETFs, most notably $GBTC, and BlackRock’s involvement in the crypto space has produced inconsistent outcomes.
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