BlackRock, one of the world's leading asset management firms, has extended its prolonged Bitcoin selling spree, having continued to dump the asset since late October.
While BlackRock has yet to record any new Bitcoin purchase this month, the latest market data shows that it has sold Bitcoin again following the severe price downturn seen in the last day.
BlackRock Bitcoin ETF records steady withdrawals
Latest data showcased on SosoValue shows that BlackRock's Bitcoin ETF has recorded another net outflow for the fourth time this week, as it continues to post negative daily trading sessions throughout the week.
Amid consistent withdrawals from investors, BlackRock has sold $104.97 million worth of Bitcoin after IBIT recorded another massive outflow on November 5th.
Although Bitcoin initially showed signs of a potential recovery earlier this week, the market has since reversed and the asset is back to trading in the red.
While the massive Bitcoin sale from BlackRock has arrived at a time when the market is facing another
volatility, it appears that institutional investors are rapidly withdrawing their funds and exercising caution to hedge against further losses.
Bitcoin dips 5%
Bitcoin has just witnessed its sharpest price reversal of the month, falling from a high of over $80,000 to a low of $75,114 within just 24 hours.
Following this sharp price drop, Bitcoin has seen a price decline of 5.22% over the past day, and it is now trading at $75,979 as of the time of writing.
Although the market has remained volatile for several weeks, the significant sell-off seen in the last day has sparked further concerns among both retail and institutional investors as expectations for a November price recovery begin to fade.