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American asset management firm BlackRock is cutting costs on its Bitcoin and Ethereum holdings by any means possible. According to recent on-chain data, BlackRock has sent a new tranche of BTC and ETH to Coinbase Prime, its preferred liquidity outlet.
Bitcoin and Ethereum leading losses
Since the start of the year, the broader crypto market has lost as much as $1.5 trillion. The digital currencies extended their sell-offs this week as Bitcoin dropped as low as $60,000 in the most brutal sell-off in the past year.
BlackRock, the largest Bitcoin and Ethereum ETF issuer, remains caught up in this sell-off. Despite its role in boosting crypto sentiment, the firm has continued to sell.
Per Lookonchain data, the firm has deposited 4,248 BTC worth $281 million and 5,734 ETH valued at around $11 million to Coinbase Prime. This is not the biggest sell-off recorded this month, as BlackRock initially sold $671 million in BTC earlier this week.
Many in the industry have flagged the continuous sell-off from BlackRock as a major dampener on crypto sentiment. The argument is that if this sell-off does not stop, the trust of institutional investors may be lost.
When will Bitcoin price bottom out?
The general consensus on the crypto market is that a bear season is underway. Industry analysts have started projecting different scenarios that investors can expect moving forward.
Analysts like Peter Brandt have called a possible $58,000 bottom, a sign that more dumping is likely in the coming weeks or months.
Arguing against the claims that a quantum threat is behind the BTC price crash, Capriole Fund Founder Charles Edwards has discounted these facts. He noted that the quantum threat is real, but it does not justify the Bitcoin price crash around its current range of $60,000.
For now, no one can accurately predict where the BTC price will bottom out or when the bear market will end.
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