BREAKING: Reports are circulating that BlackRock sold ~$119.8M worth of Bitcoin.
Before everyone jumps to conclusions, this number by itself doesn’t tell you “bullish” or “bearish.” Big ETF-style vehicles can sell for boring reasons: daily creations/redemptions, rebalancing, client outflows, or simply meeting redemption requests. A headline sale can look scary while the broader flow picture is still neutral (or even net positive).
What actually matters is the follow-through:
Was it a one-off print or part of a multi-day outflow trend?
Did total BTC ETF flows flip negative on the day?
Did price absorb it cleanly (tight spreads, no cascading wick), or did liquidity thin out?
Any matching inflows elsewhere that offset it?
If BTC holds key levels after a headline like this, it’s usually a sign the market is still bid. If it doesn’t, this becomes the kind of “small spark” that can trigger a deeper flush in a crowded positioning environment.
I’m watching net ETF flows, order book depth, and funding/oi next. Headlines are loud. Flows are truth.