Bloomberg analyst Eric Balchunas says BlackRock and Bitcoin ETF have saved BTC prices many times

Bloomberg analyst Eric Balchunas said that BlackRock and Bitcoin ETF have saved BTC prices many times.

Bloomberg senior analyst Eric Balchunas claimed in a recent article that BlackRock and the Bitcoin ETF played an important role in preventing a catastrophic drop in the value of Bitcoin. The comments came in response to persistent rumors that the world's largest asset manager BlackRock used Coinbase's Bitcoin IOUs to manipulate the market. One theory circulating among cryptocurrency analysts is that BlackRock may have used these IOUs to short Bitcoin, causing its price to fall at different times.

Balchunas’ comments highlight a counterintuitive idea: Traditional investors are often blamed for Bitcoin’s decline, but in fact they helped stabilize the price of Bitcoin. He noted that many of the accusations against these investors stem from people not believing that core Bitcoin “HODLers” are responsible for the sell-off of the digital asset. To support his claim, Bitcoin analyst Ali Martinez gave the example of how miners sold more than 30,000 BTC in three days, suggesting that the huge selling pressure came from within the Bitcoin community.

There are allegations that major cryptocurrency exchange Coinbase may have facilitated market manipulation by BlackRock by issuing Bitcoin IOUs. Analyst Tyler Durden has been blunt, claiming that these IOUs allowed BlackRock to borrow Bitcoin for short selling without having to hold the actual currency 1:1. Durden’s careful review of public ledger data led him to conclude that Coinbase’s activities played a key role in Bitcoin market volatility.

There are allegations that major cryptocurrency exchange Coinbase may have facilitated market manipulation by BlackRock by issuing Bitcoin IOUs. Analyst Tyler Durden has been blunt, claiming that these IOUs allowed BlackRock to borrow Bitcoin for short selling without having to hold the actual currency 1:1. Durden’s careful review of public ledger data led him to conclude that Coinbase’s activities played a key role in Bitcoin market volatility.

As of now, Bitcoin is trading around $60,200 and the upcoming rate cut expected next week could have a favorable impact on the price of Bitcoin. Historically, such macroeconomic events have been bullish, hinting at a possible positive trend for the leading cryptocurrency.

In summary, while BlackRock and the Bitcoin ETF have played a key role in maintaining Bitcoin price stability, the internal selling pressure of Bitcoin native companies cannot be ignored. The allegations against Coinbase raise important questions about market integrity and transparency. Against the backdrop of macroeconomic shifts, the future trend of Bitcoin remains a profound topic worthy of continued observation and analysis.