The post BlackRock And Bitcoin ETFs Saved BTC Price: Bloomberg Analyst appeared on BitcoinEthereumNews.com.

Bloomberg analyst Eric Balchunas has asserted that BlackRock and the Bitcoin ETFs saved the BTC from massive decline. The analyst’s statement related to rumors that the world’s largest asset manager receives Bitcoin IOUs from the Coinbase crypto exchange. A popular crypto analyst has outlined a theory suggesting that the asset manager may be shorting BTC with these IOUs, leading to the coin’s decline at different times. BlackRock And Bitcoin ETFs Saved Bitcoin Price Balchunas stated in an X post that BlackRock and the Bitcoin ETFs repeatedly saved the BTC price “from the abyss.” The analyst made this statement to rebut arguments that traditional investors were to blame every time the coin declined. He added that he understands why these exist, as people want to “scapegoat the ETFs” because they find it hard to believe that the native HODLers could be the sellers. However, Eric Balchunas claimed that these Bitcoin natives are indeed the sellers. He remarked that they are sabotaging the Bitcoin price, not traditional investors. Popular Bitcoin analyst Ali Martinez recently revealed how BTC miners had sold over 30,000 $BTC in three days, proving Balchunas’s point that the “call is coming from inside the house.” #Bitcoin miners have sold over 30,000 $BTC in the last 72 hours, worth around $1.71 billion! pic.twitter.com/OuaiIo7QZ9 — Ali (@ali_charts) September 11, 2024 It is also worth mentioning that these Bitcoin ETFs contributed significantly to the BTC price reaching a new all-time high (ATH) of $73,000 in March earlier this year. These funds witnessed impressive net inflows upon launch, causing new money to flow into the BTC ecosystem and spark a rise in its price. BlackRock, in particular, has continued to hold on to its coins, recording only three daily net outflows since its January launch. Coinbase Helping TradFi To Supress Bitcoin There have…

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Filed under: News - @ September 15, 2024 1:00 am