BlackRock’s Bitcoin Trust sells 2,221 BTC amid Bitcoin price drop below $78K

BlackRock’s iShares Bitcoin Trust accelerated its Bitcoin sell-off on May 18 by depositing 2,221 BTC worth about $170.59 million to Coinbase Prime, ending a six-week buying streak that accumulated nearly $3 billion in Bitcoin. This sell-off coincided with Bitcoin's price falling below $78,000 after rejecting a key resistance level near $82,200, partly influenced by regulatory developments like the Clarity Act. The Bitcoin market cap also dropped by $22.3 billion in 24 hours. Analysts suggest Bitcoin could fall further to around $72,000 unless BlackRock resumes buying, which might trigger a price rebound.