BlackRock just dumped nearly 800 Bitcoin worth millions

BlackRock, the world’s largest asset manager, has just dumped 749 Bitcoin (BTC), worth approximately $88 million, on Wednesday, October 29.

Following the moves, the fund’s total holdings sit at 805,540 BTC, valued at around $89.12 billion, according to the information shared by HeyApollo ETF tracker co-founder Thomas Fahrer on October 30.

Overall, spot Bitcoin ETFs recorded 4,238 BTC in daily outflows, which translates to approximately $471 million, as per the same data.

Nonetheless, the funds are still in the green this month, with as much as 40,004 BTC, or $4.48 billion, added.

Bitcoin falls amid macro uncertainty

The transaction came just as the leading cryptocurrency started to lose steam following the Tuesday uptick, following the broader crypto market’s 1.5% decline.

Most of the top 10 cryptocurrencies by market cap are currently in the red. Ethereum (ETH) and Solana (SOL), for instance, each dropped 2.5%, while XRP suffered a loss of 3.5%. 

Renewed uncertainty regarding macro conditions was the primary factor behind the downturn. Namely, Fed Chair Jerome Powell stated that a December rate cut was not certain, reigniting concerns over stagflation. 

As a result, roughly $812 million worth of leveraged crypto trades were liquidated, and the Crypto Fear & Greed Index once again dropped to “Fear” levels, 34 at the time of writing, when Bitcoin was trading at $110,050, down 2.68% on the daily chart. 

The pullback also deepened after the asset broke below its 30-day simple moving average (MA) at $114,428 and a critical Fibonacci support near $112,231. At the same time, the Relative Strength Index (RSI) at 44.65 also points to weakening momentum. 

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