BlackRock’s Bitcoin sale of $104.97 million , reported as $105 million, marked its fifth consecutive day of selling as Bitcoin’s attempted recovery reversed. The withdrawals coincided with a sharp price correction that took the cryptocurrency from above $80,000 to a low of $75,114 within 24 hours.
Data from SosoValue showed that BlackRock ’s Bitcoin ETF registered its fourth net outflow of the week. IBIT recorded another substantial withdrawal on November 5 , followed by the reported Bitcoin sale.
The figures capture two separate streaks: five consecutive days of Bitcoin selling by BlackRock and four net-outflow sessions for its ETF during the week. Investors continued to withdraw funds while the broader cryptocurrency market faced a deeper correction.
BlackRock’s Bitcoin sale accompanies a sharp price reversal
Bitcoin lost 5.22% over the past day, according to CoinMarketCap data cited in the November 6 report. The decline followed early signs of a recovery earlier in the week, leaving the asset trading back in the red.
Its move from above $80,000 to $75,114 represented the month’s sharpest reversal at the time of reporting. The pullback came after several weeks of market volatility.
The significant sell-off heightened concerns among retail and institutional investors, while expectations for a November price recovery faded. Alongside BlackRock’s Bitcoin sale, the repeated ETF withdrawals added to the week’s reported selling activity.
Bitcoin traded at $75,979 at the time of the November 6 report, above its 24-hour low but still down 5.22% on the day.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
