Bitcoin whales have recently made significant moves in the cryptocurrency market, selling a substantial amount of Bitcoin over the past two weeks. This sale has amounted to approximately 70,000 BTC, valued at around $3 billion, prompting attention from the crypto community.
This massive selloff has raised questions about the motives behind such a substantial divestment in a relatively short period.
Bitcoin ETFs Experience Turmoil
It has been a challenging day for Bitcoin Exchange-Traded Funds (ETFs), particularly evident in the “Cointucky Derby.” The Grayscale Bitcoin Trust ($GBTC) saw a staggering outflow of over $640 million in a single day. These outflows have not shown signs of slowing down, indicating increasing concerns among investors.
The $640 million outflow from $GBTC marked a significant milestone as the largest daily outflow recorded for the trust. The total outflows from $GBTC have now reached a substantial $3.45 billion, underlining the extent of the ongoing selloff.
In an update on the situation, BlackRock’s involvement in the Bitcoin ETF space became apparent. The numbers revealed that $IBIT experienced its third-largest inflow day, with a substantial $272 million entering the fund. Interestingly, despite the outflows seen in other Bitcoin ETFs, $IBIT managed to have a net outflow of only -$76 million for the day.
In just two weeks, Bitcoin whales have made headlines by selling 70,000 BTC, valued at $3 billion. Simultaneously, Bitcoin ETFs, particularly $GBTC, have faced substantial outflows, while BlackRock’s involvement has shown mixed results in the crypto market.
