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BlackRock Deposits Millions in Bitcoin and Ethereum as CryptoQuant Flags Growing Bear Market Risk
Asset manager BlackRock has transferred millions of dollars in Bitcoin and Ethereum to the crypto exchange Coinbase, a move that suggests an intention to offload these coins. This comes as the on-chain analytics platform CryptoQuant stated that the bear market scenario is becoming more relevant.
Arkham data shows that the asset manager transferred 2,292 BTC, worth almost $200 million, and 9,976 ETH, worth $29.23 million, into Coinbase. This follows the outflows that the Bitcoin and Ethereum ETFs recorded yesterday.
Bitcoin faces record $23.8B options expiry on Dec 26
Bitcoin is heading into a potentially volatile end to the year, with a record-breaking $23.8 billion in options set to expire on Friday, December 26. This expiry is on Deribit and constitutes over half of all the open interests, and almost 300,000 contracts are up to be settled.
The options construct has strike concentrations of close to $85,000 and $100,000, which form a tension point of the Bitcoin price.
CZ states that Bitcoin investors tend to buy during periods of FUD, rather than at market highs
Binance founder Changpeng Zhao noted that savvy Bitcoin investors tend to step in during moments of FUD(fear and uncertainty), rather than when markets are euphoric.
In his latest X post, he stated, “When bitcoin was at its ATH, have you ever thought, ‘I wish I bought bitcoins early?’ Guess what, those who bought early did not buy at ATH, they bought when there was fear, uncertainty, and doubt.”
Bitcoin Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Wednesday was $175.29 million. The total net asset value of Bitcoin spot ETFs is $113.83 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.51%.
The Bitcoin spot ETF with the highest net outflow on Dec. 24 was iShares Bitcoin Trust , with a net outflow of $91.37 million.