Even though investors have been selling Bitcoin ETFs for the past three days, BlackRock’s Bitcoin ETF has grown to over 50% of the total market.
BlackRock Leads Bitcoin ETFs
BlackRock, the largest asset manager in the world, now holds $56.8 billion in Bitcoin through its iShares Bitcoin Trust ETF (IBIT). This makes up 50.4% of all
Bitcoin ETFs Face Sell-Off
For the last three days, investors have been selling their Bitcoin ETFs:
- On February 20, Bitcoin ETFs had $364 million in net outflows (more sales than buys).
- BlackRock’s IBIT ETF alone saw $112 million in sales that day.
In 2024, Bitcoin ETFs helped Bitcoin’s price rise, pushing it past $50,000 on February 15.
BTC/USD, 1-month chart. Source: Cointelegraph
Bitcoin Stays Strong Despite ETF Sales
Even with the recent sell-off, Bitcoin’s price recovered to $99,300 on February 21. However, it is still down 3% for the month.
Analysts are of the opinion that sales of ETFs are not the sole driver of the price of Bitcoin. Institutional investors, general market sentiment, and the overall conditions of global finance are also at play.
Is Bitcoin’s Price Being Controlled?
Some crypto experts think that Bitcoin’s price is being artificially controlled.
Samson Mow, CEO of Jan3, believes the market is being manipulated to keep prices in a tight range.
He said, “It looks like price suppression. We peak, then move sideways for a long time.”
Despite these concerns, Bitcoin continues to hold strong, and BlackRock’s growing ETF shows that institutional interest in Bitcoin remains high.
