CryptoQuant Leader Dismisses Selling During Dip as 'Newcomer' Move, Amid Reports of BlackRock Shedding $150m in BTC

Institutional investors appear to be disposing of substantial amounts of Bitcoin, but the CEO of CryptoQuant maintains that corrections of up to 30% are typical during bull cycles.

Bitcoin (BTC) has experienced a decline of approximately 10% over the past week, making this February potentially one of the worst since 2018. Nevertheless, Ki Young Ju, the CEO of CryptoQuant, remains unperturbed, asserting that only a "noob" would offload their holdings during this downturn.

If you're panic selling now, you're probably a noob.

A 30% correction in a #Bitcoin bull cycle is common—it dropped 53% in 2021 and still recovered to an ATH.

Buying when prices rise and selling when they fall is the worst investment strategy. Invest with a clear plan. pic.twitter.com/eYwW1VXd8C

In a post on Feb. 27, Ki emphasized that a 30% correction in a Bitcoin bull cycle is "common" as BTC plunged 53% in 2021 "and still rebounded to an all-time high." The CryptoQuant CEO asserts that purchasing when prices increase and disposing of assets when they decrease is the "worst investment strategy," encouraging investors to adhere to a "clear plan."

"You're way too early to panic. Seeing people panic here is kinda cute tbh."

Ki Young Ju

Ki's remarks come amidst reports suggesting that significant Bitcoin holders might be liquidating their assets amid the current downturn. Blockchain analytics firm Arkham Intelligence disclosed that Fidelity, ARK Invest, and Grayscale sold parts of their Bitcoin holdings as the price dropped below $90,000.

Read More: "Crypto Daily Log Americas: Caution Prevails as Market Consolidates"

FIDELITY SOLD
ARK SOLD
GRAYSCALE SOLD

BUT BLACKROCK… ALSO SOLD $150M $BTC pic.twitter.com/Zfn4W2iIhk

While the precise extent of these activities remains unclear, Arkham reported in a Feb. 27 post that BlackRock, the world's largest asset manager, also sold $150 million in Bitcoin. However, data from BiTBO indicates that institutions continue to hold onto Bitcoin, with BlackRock’s clients owning over 583,320 BTC, valued at around $50.2 billion.

As Bitcoin's value declined, CoinGlass data shows over $765 million in liquidations in the last 24 hours, adding to the $1.5 billion erased on Feb. 25. SoSoValue data also reveals that the market slump corresponded with the largest one-day withdrawal from spot Bitcoin ETFs since their inception, with $937.78 million withdrawn on Feb. 25.

As reported earlier by crypto.news, Bitcoin's price has decreased by around 20% from its peak of $109,225 since Donald Trump took office in mid-January. Following Trump's election victory and anticipation of a more crypto-friendly regulatory environment, there was a surge of optimism, followed by the current sell-offs. However, hopes for swift pro-crypto policies appear to have waned since then.

Read More: "Bitcoin Drops Below $90K, Prompting $1B in Cryptocurrency Margin Calls"