The post BlackRock & Bitcoin ETFs Repeatedly Saved BTC Price, Claims Bloomberg Analyst Eric Balchunas appeared on BitcoinEthereumNews.com.

Bloomberg analyst Eric Balchunas has argued that BlackRock and Bitcoin ETFs have been fundamental in stabilizing Bitcoin prices during critical moments. He suggests that the true cause of Bitcoin’s price fluctuations lies with the native Bitcoin investors, rather than institutional players. Accusations have emerged against Coinbase, claiming the platform assists BlackRock in suppressing Bitcoin’s market value. Discover how BlackRock and Bitcoin ETFs have shaped Bitcoin’s market dynamics, and uncover the ongoing debate surrounding Coinbase’s role in price volatility. BlackRock and Bitcoin ETFs: Guardians of Bitcoin’s Value? Eric Balchunas, a seasoned analyst at Bloomberg, claims in a recent post that BlackRock and Bitcoin ETFs have been instrumental in preventing catastrophic declines in Bitcoin’s value. This commentary was in response to ongoing rumors that BlackRock, the world’s largest asset manager, leverages Bitcoin IOUs from Coinbase to manipulate the market. A theory circulating among crypto analysts posits that BlackRock might be using these IOUs to short Bitcoin, contributing to its price dips at various intervals. The Role of Traditional Investors in Bitcoin’s Stability Balchunas’s remarks highlight a counterintuitive perspective: traditional investors, often blamed for Bitcoin’s downturns, have actually helped stabilize its price. He indicates that many accusations towards these investors stem from the disbelief that core Bitcoin “HODLers” could be responsible for selling off the digital asset. Supporting his assertion, Bitcoin analyst Ali Martinez illustrated how miners offloaded over 30,000 BTC within three days, showcasing that significant selling pressure originates from within the Bitcoin community itself. Coinbase’s Alleged Involvement in Bitcoin Price Suppression Allegations have surfaced that Coinbase, a major cryptocurrency exchange, may be facilitating BlackRock’s market manipulation by issuing Bitcoin IOUs. Analyst Tyler Durden has been vocally critical, claiming that these IOUs allow BlackRock to borrow Bitcoin for shorting, without holding the actual coin in a 1:1 ratio. Durden’s scrutinization of public…

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Filed under: News - @ September 15, 2024 1:07 am