BlackRock accelerates Bitcoin selloff amid bearish sentiment

BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), moved 2,221 BTC—approximately $170.59 million—to Coinbase Prime on Monday, signaling a potential shift from accumulation to distribution as broader market sentiment turns cautious.

From six-week buying streak to potential profit-taking

IBIT had just capped a six-week buying streak with roughly $3 billion in net Bitcoin purchases, including a net cash inflow of $317.21 million last week. Even after this apparent pivot, the fund still holds a substantial position, with Bitcoin valued at about $64.63 billion. The recent transfer to an exchange desk suggests readiness to sell or rebalance, a notable change in pace given the prior accumulation trend.

Price rejection at key resistance

Bitcoin recently faced a firm rejection near a prominent supply zone around $82,200, stalling upside momentum. Over the past seven days, the flagship cryptocurrency declined about 4.61% to trade near $77,410. In the last 24 hours, its market capitalization shed roughly $22.3 billion, hovering around $1.5 trillion. The combination of a resistance rejection and visible ETF flows has reinforced a short-term risk-off tone.

Near-term outlook: Bearish signals persist

Following the rejection around $82,200, technical risk remains skewed lower in the near term. One market analyst notes that a break below $72,000 could open the way for a retest of the lower boundary of Bitcoin’s multi-week rising channel—an area that has repeatedly served as a springboard for price rebounds during this trend.

Macro and policy backdrop

Traders also appear to be parsing developments around a proposed federal crypto regulation that recently advanced in committee. While such milestones can be supportive over the longer run, they can also trigger classic “sell-the-news” reactions in the short term as investors reassess positioning.

What could flip the script?

If IBIT resumes steady accumulation—or if broader institutional demand returns—downside pressure could ease and price could stabilize. A decisive reclaim of resistance levels, combined with renewed inflows, would likely embolden dip buyers and shift sentiment back toward a constructive outlook.

Key figures at a glance

• IBIT transfer: 2,221 BTC (≈$170.59 million) to Coinbase Prime
• Recent net inflow: $317.21 million last week
• Six-week accumulation: nearly $3 billion
• IBIT’s Bitcoin holdings: ≈$64.63 billion
• Notable resistance: ≈$82,200
• BTC price (recent): ≈$77,410, down ~4.61% over 7 days
• Market cap shift: −$22.3 billion in 24 hours, ≈$1.5 trillion total
• Watch level: potential dip below $72,000 to test channel support

Bottom line: The ETF’s move to an exchange desk, coupled with a firm rejection at resistance, has sharpened short-term bearish sentiment. However, the broader trend remains in flux; a return of institutional buying or a clear technical reclaim could quickly alter the trajectory.

This content is for informational purposes only and should not be considered financial advice.