BlackRock accelerates Bitcoin selloff amid bearish sentiment

BlackRock’s iShares Bitcoin Trust (IBIT) has accelerated its Bitcoin (BTC) sell-off on May 18, after ending its six consecutive weeks of cash inflows.

On Monday, BlackRock’s IBIT deposited 2,221 BTC, valued at about $170.59 million at press time, to Coinbase Prime, according to on-chain data from Arkham Intelligence, analyzed by Finbold.

IBIT’s cash flow on May 18. Source: Arkham

IBIT recorded a net cash inflow of $317.21 million last week, as Finbold reported, bringing its six-week buying spree to an end after accumulating nearly $3 billion in BTC. As such, BlackRock’s ETF holds Bitcoin valued at about $64.63 billion at the time of publication.

IBIT’s weekly cash flow. Source: SoSoValue

Bitcoin price falls amid IBIT sell-off

The shift in IBIT accumulation has coincided with Bitcoin price rejection at a crucial supply level around $82,200, as Finbold noted. Notably, BlackRock’s investors could have traded the sell-the-news event for the Clarity Act, a proposed federal regulation aimed at legalizing crypto assets, which advanced the Senate Banking Committee in a 15-9 bipartisan vote.

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The flagship coin declined 4.61% over the past seven days to trade at about $77,410 at the time of publication. Butcoin’s market cap reduced by. $22.3 billion, over the past 24 hours, to hover about $1.5 trillion.

BTC/USD 7-day chart. Source: Finbold

What’s next for BTC?

As BlackRock’s investors accelerated the Bitcoin sell-off, BTC’s near-term continued to signal bearish sentiment. After a strong rejection at a sell wall around $82,200 in the recent past, BTC price could drop below $72,000 to retest the lower boundary of the multi-week rising channel, based on analysis shared by Aksel Kibar, an ex-fund manager.