Bitcoin touched its lowest price in 21 months early Thursday, extending a brutal month that has seen both Bitcoin and Ethereum shed more than 20% of their value. The slide comes as prediction market users bet the carnage is far from over, with no imminent relief expected for the two largest cryptocurrencies.
Adding to the pressure, BlackRock made another deposit of Bitcoin and Ethereum worth $217 million, according to U.Today. The asset manager's continued sell attempts have sparked concerns among traders that institutional demand is waning, further weighing on sentiment in an already fragile market.
The selloff has rippled across the broader crypto sector, with altcoins tracking Bitcoin and Ethereum lower. Market participants are now watching for signs of capitulation or a catalyst—such as a shift in Federal Reserve policy—that could stem the bleeding.
Analysts caution that the path of least resistance remains downward, with the 21-month low acting as a technical support level that, if broken, could accelerate losses. However, some argue that heavy selling from large holders like BlackRock may flush out weaker hands, setting the stage for a recovery once selling pressure subsides.