Overview
- BlackRock’s iShares Bitcoin Trust recorded a $523.15 million single-day withdrawal on Tuesday, extending to five straight days of outflows totaling $1.43 billion and four consecutive weeks totaling $2.19 billion.
- On-chain data showed BlackRock-linked wallets sent 4,880 BTC (about $467 million) and 54,730 ETH (about $176 million) to Coinbase Prime within an hour on Nov. 17, fueling concerns about potential selling.
- A subsequent transfer moved 3,064 BTC and 64,707 ETH valued at roughly $478 million to Coinbase Prime, with BlackRock not stating whether the moves were for sales or routine settlement needs.
- Bitcoin traded near $91,849 after briefly slipping below $90,000 this week, nearly 30% off its October peak, as all U.S. spot bitcoin ETFs saw $372.7 million in net outflows and BlackRock’s spot ether fund recorded $165 million in withdrawals.
- Institutional positioning diverged as MicroStrategy bought 8,178 BTC, while options markets showed increased demand for downside protection, including interest in $80,000 puts into late December.