BlackRock dumps over $265 million in Bitcoin
BlackRock Inc. (NYSE: BLK) saw its iShares Bitcoin Trust (IBIT) dump more than $265 million in Bitcoin ($BTC) on Thursday. BlackRocks IBIT recorded a net cash outflow of $265.68 million on June 25, according to data from SoSoValue, analyzed by Finbold on June 26. As such, the fund held a total net asset of approximately $44.43 billion at the time of reporting. IBIT daily cash flow. Source: SoSoValue The IBIT fund has registered six consecutive days of cash outflows totaling about $985.69 million. As such, BlackRocks IBIT is about to record seven consecutive weeks of cash outflows of more than $4.89 billion. On Friday, the firm deposited 4,577 $BTC, valued at over $271 million, into Coinbase Prime. Earlier this week, Robbie Mitchnick, the head of digital assets at BlackRock, warned that the Artificial Intelligence (AI) boom has been sucking the oxygen out of Bitcoin, as Finbold reported. Moreover, Mitchnick noted that AI stocks have been rallying at the expense of $BTC, gold, and precious metals. As such, BlackRock investors could be rotating their funds from Bitcoin ETFs to AI stocks to capitalize on the ongoing boom. Bitcoin price outlook as BlackRocks IBIT dumps Bitcoin price has faced heightened selling pressure over the past few weeks, largely driven