Nine Wall Street Firms Dump 68,000 BTC in Bitcoin ETFs
Nine Wall Street firms offloaded 68,000 Bitcoin through exchange-traded funds as sovereign funds stepped in to buy the dip, according to BigGo Finance.
Nine Wall Street firms dumped a combined 68,000 Bitcoin ($BTC) through exchange-traded funds, according to a report published by BigGo Finance. The massive sell-off by institutional market makers and traditional financial institutions coincided with sovereign wealth funds entering the market to buy the dip.
Institutional Offloading
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The divestment represents a notable reduction in ETF-held assets by major Wall Street entities. Despite the heavy outflows from these traditional financial institutions, broader market demand shifted as sovereign buyers absorbed the available supply.
Key facts
- Nine Wall Street firms participated in the sell-off
- Total volume dumped reached 68,000 BTC through ETFs
- Sovereign funds entered the market to buy the dip during the institutional exit
Source: news.google.com
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