Bitcoin Holds Above $75,600 as Market Absorbs $1.3B BlackRock ETF Block Sale
By
@cointelegraph
Front-window bakery material. Catches the eye, delivers the goods.
Summary
A roughly $1.3 billion block trade in BlackRock's iShares Bitcoin Trust (IBIT) was executed by a mysterious ETF holder, but the market absorbed it well with minimal price impact. Bitcoin's price fell only 2% and remained above $75,600, demonstrating strong underlying demand despite the massive sale and ongoing outflows from Bitcoin products.
Key quotes
· 2 pulledBloomberg's ETF analyst, Eric Balchunas, confirmed the transaction, adding that the market 'absorbed it well' as IBIT's price remained largely unchanged
Bitcoin's (BTC) price fell 2% during the past 24 hours, but managed to remain above the $75,600 level at the time of writing, despite the significant block sale from the mysterious ETF holder
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