BlackRock’s ETF Outflows May Push Bitcoin Down Further

BlackRock’s recent actions involving its Bitcoin and Ethereum Exchange Traded Funds (ETFs) have sent a significant wave of uncertainty through the crypto market, potentially dampening recovery hopes for both Bitcoin and Ethereum. The company has reportedly sold off a substantial chunk of Bitcoin holdings, exceeding $600 million in value over the past 24 hours. This follows a pattern of outflows from BlackRock’s ETFs, raising concerns about further downside risk.