BlackRock’s $213 Million Bitcoin Move Exacerbates Fears of Sub-$100,000 Drop

Bitcoin's recent slide below $103,525 has intensified concerns about a potential drop below the $100,000 mark. This renewed selling pressure is partly attributed to institutional activity, specifically BlackRock moving 2,042 BTC (worth $213 million) and 22,681 ETH to Coinbase. Such large transfers often precede profit-taking or rebalancing, worrying traders. Compounding this anxiety are persistent outflows from Bitcoin and Ethereum spot ETFs over the last four sessions, as noted by analyst Daan Crypto Trades. However, the analyst also suggested that Bitcoin's refusal to drop sharply despite these outflows might indicate underlying support near $100,000. Furthermore, ETF expert Eric Balchunas contextualized the sluggish price action as a natural 'back step' or cooling-off period following significant gains in the broader risk market, suggesting this phase is part of the ETF market's development cycle.

(Source：BeInCrypto)