BlackRock, the world’s largest asset manager, is currently selling Bitcoin (BTC) holdings from its exchange-traded fund IBIT rather than buying.

BlackRock’s influence in the crypto sector grew after its launch of a Bitcoin ETF, named iShares Bitcoin Trust Bitcoin Holdings (IBIT).

JULISHA.CO.KE Analysts believe the entity is part of why BTC had a year of the books. However, following the new insight, speculation is growing that the asset manager could be selling BTC in reaction to the coin’s recent market pullback.

In May 2024, BlackRock reportedly moved a substantial amount of Bitcoin into cold storage, which was perceived by the market as a long-term investment strategy. The move was seen as a bullish signal, as investors rode on optimism that one of the most conservative financial institutions was betting on the longevity of Bitcoin.

However, on December 26, BlackRock made headlines when it reportedly sold $188.7 million worth of Bitcoin, its largest sell-off yet. On the same day, according to multiple sources, the asset manager transferred $1.88 billion worth of BTC to Coinbase wallets. The transactions were carried out in multiple tranches, drawing attention from market watchers.

At the time, it was unclear whether the firm was planning on letting go of the holdings or retain them on the exchange.