BlackRock, the world’s largest asset management firm, has dumped 10,000 Bitcoin (BTC) so far this week, worth roughly $900 million.
The latest sale, on Thursday, November 20, amounted to around 4,140 BTC, valued at more or less $356 million, according to the data shared by HeyApollo ETF tracker co-founder Thomas Fahrer.
Notably, the consistent outflows have coincided with one of the most dramatic crashes this year, with the overall crypto sector losing nearly 13% of its market capitalization between Monday, November 17, and Friday, November 23, dropping from $3.25 trillion to $2.83 trillion.
Bitcoin crashes to $82,000
Bitcoin itself took one of the heaviest blows, plummeting to nearly $80,000 in the early hours on Friday, levels not seen since May. The price has managed to pull back to $82,220 at the time of writing, but the asset is still down more than 10% on the 24-hour chart.
Negative sentiment is now gripping the market, evidenced by the Fear & Greed Index reading 11 at press time, one of the worst this year.
Moreover, the Bitcoin drop unleashed more than $2 billion in derivatives liquidations, with 93% of wiped-out positions coming from leveraged longs, greatly accelerating the already steady downward momentum.
At the same time, funding rates went from 0.004% to 0.0025%, signaling waning leverage appetite, while total futures open interest fell 6.85% in a single day as traders unwound their positions.
Bitcoin’s technical picture was not spared either. Namely, the flagship crypto fell below several critical levels, most notably the 2025 bull market support at $85,000, and its 14-day relative strength index (RSI) dropped to 24.7, its most oversold reading since March.
Market watchers are eyeing whether a firmer U.S. dollar and stabilizing Treasury yields can stabilize ETF flows.
Featured image via Shutterstock
