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BlackRock sells 5,300 Bitcoin this week

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BlackRock, the world's largest asset management company, purchased an additional 921 Bitcoin on November 6, but the total portfolio still fell by 5,300 BTC this week, indicating a flexible adjustment amid a volatile market. Currently, BlackRock holds approximately 798,000 BTC, worth over 80 billion USD. Notably, the company accounted for more than half of the net outflow from Bitcoin ETF funds last week, totaling 8,132 BTC (861 million USD).

The price of Bitcoin is currently around 100,840 USD, falling 2% over the day and down 20% from the peak in October. The decline comes from US-China tensions, policy instability, and a wave of selling by institutions. However, expert Tom Lee (Fundstrat) believes that macro conditions may improve soon. The end-of-year trend will depend on inflation, liquidity, Fed policy, and new ETF capital flows.

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