- Fidelity ETF sold 5,500 BTC in the span of four days
- Analysts were quick to sound the alarm over why that happened
- The third-largest ETF now holds about 170,000 orange coins
Fidelity Sells 5,500 Bitcoin
The Fidelity exchange-traded fund, FBTC, dumped 5,500 Bitcoin at current market prices over the past four days. The unexpected move stirred investor confidence as markets wondered why the third-largest ETF issuer would offload that many tokens.
The position’s worth was estimated to be around $360 million, with Bitcoin prices floating near $65,000.
Analysts Sound the Alarm
The fairly large-scale sell raised concerns over the stability of the broader crypto asset market. One theory, analysts say, would be that Fidelity’s ETF is looking to liquidate some Bitcoin and move into cash in anticipation of the next buying opportunity.
Others believe it’s the good old profit-taking move where Fidelity is cashing in on the recent upside in the price of Bitcoin.
Top Three ETF Issuers
Still, Fidelity remains well-equipped to continue navigating the ETF landscape even after that sale. The investment vehicle is ranked third on the leaderboard with about 170,000 Bitcoins. The runner-up is Grayscale, which converted its Bitcoin trust into a Bitcoin ETF.
The investment manager holds around 280,000 pieces of the leading crypto. First in the rankings is BlackRock, the world’s biggest asset manager with $10 trillion in assets. It holds nearly 306,000 Bitcoin, worth a total of just under $20 billion at today’s prices.
