BlackRock Sells $105M Bitcoin as Market Rally Stalls

BlackRock Extends BitcoinBTC-4.92% Selling Trend

Leading global asset manager BlackRock has extended its recent Bitcoin selling streak. Fresh market data shows the firm pulled $104.97 million worth of Bitcoin out of its iShares Bitcoin Trust (IBIT) on November 5.

This latest outflow marks the fifth consecutive day of selling for BlackRock, continuing a pattern that began in late October. In fact, the asset manager has not recorded a single new Bitcoin purchase so far in November.

Understanding the ETF Net Outflows

Data tracked by SoSoValue indicates that BlackRock's spot Bitcoin ETF logged its fourth negative trading session of the week. Steady investor redemptions have kept daily net flows in the red.

This sustained wave of institutional withdrawals suggests big investors are taking a cautious approach. Many appear to be scaling back exposure to guard against short-term price uncertainty.

Bitcoin Drops 5% Following Brief Bounce

The massive institutional sell-off coincided with a swift price reversal across the crypto market. Over a 24-hour period, Bitcoin dropped 5.22%, sliding from a high of over $80,000 down to a low of $75,114.

According to CoinMarketCap, Bitcoin was trading around $75,979 at the time of writing. While early-week gains gave traders hope for a recovery, momentum turned downward quickly.

Investors should keep in mind that crypto prices remain highly sensitive to institutional liquidity shifts and market volatility can re-emerge quickly in both directions.

Investor Sentiment and Market Context

The rapid drop has tempered hopes for a strong November rally among both retail and institutional traders. Market participants are watching ETF flow figures closely to gauge whether institutional demand will return.

Meanwhile, other altcoin projects saw significant updates during the same window. Zcash (ZEC) recorded a 7.8% drop in open interest as its NU7 upgrade went live, and RippleXRP-8.84% reported up to a 23% drop in memory usage for XRP Ledger nodes.

Past performance of digital assets is not a guarantee of future results. Traders looking to track real-time price changes and market trends can view updated figures at Bitkub Market.