BlackRock’s Crypto Dump Triggers Bitcoin and Ethereum Slump below $80K

Blackrock, the world’s largest asset manager, has triggered significant selling pressure in the cryptocurrency market by transferring a substantial amount of both Bitcoin (BTC) and Ethereum (ETH) to Coinbase. The firm moved $348 million worth of BTC and $117 million worth of ETH, causing Bitcoin to drop below $80,000 for the first time since February 2023, and Ethereum’s price to plummet by over 10%. This move comes after a record outflow from US-listed spot Bitcoin ETFs, contributing to a market-wide downturn.