According to reports, BlackRock has sold $2 billion worth of Bitcoin (BTC) and Ethereum (ETH) in the past 10 days. The world’s largest asset manager held $1.92 billion worth of BTC and $320 worth of ETH. BlackRock’s sell-off occurred amid a market-wide correction. Bitcoin (BTC) fell to the $61,000 price level on June 4, 2026, and Ethereum (ETH) has now fallen to the $1700 level.
Why did BlackRock sell Bitcoin and Ethereum?
BlackRock has not clearly disclosed the reason for the large-scale sale. Given the broader market environment, the asset manager may have detected signs of a market crash and decided to book a profit. Bitcoin (BTC) has erased all of its gains since February and may continue to fall.
BlackRock investors may have opted to exit crypto exposure ahead of the much-anticipated IPO season in the US. SpaceX, OpenAI, and Anthropic are gearing up for their respective IPOs in the coming months. Investors are likely moving liquidity away from the crypto market due to IPOs. SpaceX plans to go public on June 12, 2026.
Will the market recover?
The virtual currency market has historically shown cyclical movements. For example, Bitcoin (BTC) hit a high of around $68,000 in 2021. However, after the FTX collapse in 2022, the asset fell to the $15,000 level. BTC then broke through the $100,000 level for the first time in history in December 2024, just over two years later. Bitcoin (BTC) has hit an all-time high. It was $126,080 in October 2026, but has since fallen nearly 50%. Looking at BTC’s past performance, there is a strong possibility that this asset will rebound in the future.
There is one factor that could pose a significant challenge to Bitcoin (BTC). Quantum computers are getting more and more powerful, and Q-day is getting closer and closer. If a quantum computer breaks Bitcoin’s (BTC) cryptographic security measures, the asset could become redundant. This situation could pose a threat to BTC’s recovery.
(Tag translation) Bitcoin
