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BlackRock’s $185M Crypto Move Sparks Market Frenzy as Bitcoin Slips Below $106K

13 hours ago
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The market woke up today to a shocker, BlackRock just dropped $185 million into crypto.

According to on-chain data, the asset giant deposited $129.11M in Bitcoin (BTC) and $56.1M in Ethereum (ETH) to Coinbase.

The move comes right as Bitcoin slipped below $106,000, a level that’s triggering all kinds of speculation across the market.

Institutional Moves Amid a Crash

When BlackRock moves, the market listens.

This $185M transfer isn’t some random wallet shuffle, it’s institutional size. And it landed right as Bitcoin took a nosedive.

BTC is currently trading around $105,900 (CoinMarketCap), down 3.2% on the day.

ETH, meanwhile, hovers near $3,690, with a daily drop of 5.6%.

For traders, this looks like a setup.

The biggest asset manager on earth buying into a dump? That’s fuel for speculation that smart money is quietly positioning for the next leg up.

$1.13B Wiped Out in 24 Hours

The drop didn’t come cheap.

Liquidations exploded across exchanges in the last 24 hours, totaling $1.13 billion.

  •  Longs: $1.05B
  •  Shorts: $80.05M

In total, 298,612 traders got liquidated.

The largest single order came from HTX, where a BTC-USDT position worth $33.95M got nuked.

The pattern is clear, leverage is still way too high, and volatility is punishing overexposure on both sides.

ETF Flows Drying Up

The bigger worry? Institutional flows are cooling.

BlackRock’s spot BTC ETF has seen less than 0.6K BTC in weekly net inflows over the past three weeks.

Compare that to the >10K BTC per week inflows that preceded each major rally earlier in the cycle, it’s a massive slowdown.

This suggests institutions are sitting on the sidelines, watching for a clear bottom before piling back in.

As @glassnode noted on X, ETF demand has fallen to one of its lowest points since the start of 2024.

The excitement around Bitcoin’s ETF boom seems to have cooled, at least temporarily.

A Whale Wakes Up After 6 Years

In another twist, a Bitcoin whale that’s been silent for six years just moved funds.

On-chain trackers spotted a 2,300 BTC transfer (about $244M) to Paxos roughly 13 hours ago.

This whale isn’t small, they hold around 31,000 BTC, worth over $3 billion.

Paxos runs an OTC desk and custody services for institutional clients, so the move immediately raised eyebrows.

Is this an old holder cashing out? Or a private OTC sale to another institution preparing to accumulate quietly?

No one knows yet, but whales don’t wake up for no reason.

The Market Has Seen This Before

Market sentiment is dark right now, but history might be repeating itself.

Crypto analyst Ash Crypto reminded everyone what happened a year ago, the first week of November 2024 looked almost identical.

Back then, Bitcoin dumped from $71K to $66K, and the entire market screamed “it’s over.”

But within 45 days, BTC ripped 60% to $108K.

ETH exploded 75% from $3,000 to $5,200, and altcoins went 5x to 10x.

The altcoin market cap soared 138% in less than two months.

It was one of the fastest and strongest rallies of the entire cycle.

History Loves November

It’s November again.

Bitcoin is dumping again.

And retail traders are panicking again.

But the data is telling a different story.

Fundamentals are aligning for another explosive setup, and this time, the macro backdrop is even stronger.

The Bullish Case Building Beneath the Fear

Here’s what’s stacking up:

  •  Fed expected to cut rates in December
  •  Quantitative Tightening (QT) officially ends Dec 1
  •  Quantitative Easing (QE) already creeping in, the Fed is buying Treasury bills again
  •  Crypto market bill close to being signed into law
  •  US-China trade deal finalized
  •  Gold has topped
  •  US stocks are printing new highs
  • Macro tailwinds don’t get much better than this.

Liquidity is coming back into risk assets.

And if the Fed goes full dovish, Bitcoin’s next move could be violent.

Sentiment on the Edge

Social sentiment has flipped bearish overnight.

Fear is high. Funding rates are cooling.

Exactly the kind of setup that tends to precede a short squeeze.

The current data echoes every major bottom we’ve seen this cycle:

High liquidations, low inflows, whale activity, and silent accumulation from big wallets.

When pain peaks, opportunity usually follows.

So maybe the question isn’t “how low can it go?” but “how fast will it recover?”

After all, the last time this happened, Bitcoin went from $66K to $108K in 45 days.

ETH followed with a 75% rally, and alts went ballistic.

It only takes one spark, and if BlackRock is moving $185M while everyone else is scared, that might be the spark.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/blackrocks-185m-crypto-move-sparks-market-frenzy-as-bitcoin-slips-below-106k/