Bitcoin price shrugs off $1.3B BlackRock ETF block sale

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Source: Eric Balchunas While the exact reason behind the massive block sale is unknown, CryptoQuant analyst Axel Adler saw it as a signal of “large-scale institutional de-risking,” according to a Tuesday X post. The sales follow renewed geopolitical concerns surrounding the conflict in the Middle East, after the US said it launched new strikes on southern Iran on Monday, targeting Iranian missile sites and boats attempting to place mines, reported news outlet BBC. In retaliation, Iran's Islamic Revolutionary Guard Corps said it downed a US drone that entered its airspace on Tuesday. Related: Strategy buys back $1.5B of debt at discount, cuts outstanding notes to $6.7B Other large entities have also shown signs of de-risking. On Monday, a Satoshi-era Bitcoin miner transferred 2,650 Bitcoin worth about $203 million to FalconX and Cumberland over-the-counter (OTC) trading desks, in an onchain move that may signal a planned sale or liquidity transaction from the long-dormant whale, Cointelegraph reported. Michael Saylor’s Strategy, the largest corporate Bitcoin holder, also skipped its weekly Bitcoin acquisition, but bought back $1.5 billion worth of outstanding notes at a discount, reducing its outstanding debt via notes to $6.7 billion, Cointelegraph reported on Tuesday. Still, four smaller treasury companies stepped in and bought a cumulative 602.6 BTC worth about $46 million, signaling more sustained demand for the world’s largest cryptocurrency. Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed: Hodler’s Digest, May 10 – 16 More on the subject

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