Leading asset management firm BlackRock has made another huge Bitcoin deposit carrying nearly half a billion dollars worth of Bitcoin as selling pressure continues to intensify.
The move has sparked discussions across the crypto community as it marks another extension of the prolonged selling spree for the Bitcoin fund, which may be far from ending.
BlackRock extends Bitcoin selling spree
It has been nearly a month since BlackRock last purchased Bitcoin as the firm has embarked on one of its longest-ever Bitcoin selling sprees, which has remained unbroken until this moment.
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On Tuesday, June 2, blockchain monitoring platform Lookonchain provided data revealing that BlackRock made a massive deposit of 6,164 BTC to leading U.S. crypto exchange Coinbase.
Per the data, the large Bitcoin deposit was made in about thirteen separate transactions carrying batches of mostly 300 BTC per transfer. The Bitcoin transfers were worth a total of $425 million based on BTC’s price at the time of the transaction.
Although BlackRock did not state the motive behind the Bitcoin deposits, the move is predicted to be an attempt to sell the Bitcoin tokens, as this has become a regular activity from the firm in moments like this when the Bitcoin ETFs are bleeding out.
Bitcoin selling pressure intensifies
The price of Bitcoin has continued to plunge deeper, and weak hands are increasingly exiting the market as large numbers of retail and institutional investors are currently sitting at massive losses.
This negative momentum is most evident in the Bitcoin ETF market, which has consistently seen negative daily trading sessions for the past three weeks.
Institutional investors are increasingly withdrawing their funds, and all Bitcoin ETFs have failed to attract new capital over the period, causing their total outflows for the past month to surpass $2.4 billion. The Bitcoin ETFs are currently seeing the longest outflow streak ever recorded since their emergence.