BlackRock Unloads 1,000 BTC, Bitcoin Seeks Support at $60,000

BlackRock's Bitcoin ETF has seen significant redemptions in recent days, with over 1,000 BTC being sold on Thursday. This move has put pressure on the cryptocurrency, which is currently clinging to support at around $60,000.

The timing of this sell-off could not be worse, as it comes just as Bitcoin was heading into a weekend with thinner liquidity. This means that every directional nudge will have a greater impact on the market, making it more vulnerable to volatility.

Two macro anchors are driving the current selling pressure: the FOMC's hawkish signal and the Iran deal crypto dynamic. The Fed's reluctance to cut rates is being fueled by inflation expectations, while the conflict in the Middle East has kept oil prices elevated, feeding those same inflationary pressures.