The National Bank of Canada, one of the country’s largest commercial banks, has expressed bearish sentiment on Bitcoin by acquiring a put option to sell a portion of its Bitcoin exchange-traded fund (ETF) holdings.
A February 12 Securities and Exchange Commission filing revealed the bank’s intention to sell over $1.3 million of BlackRock’s iShares Bitcoin Trust ETF. As of December 31, 2024, the bank reported $94.3 billion in total holdings across various asset classes.
This move comes during a wave of Bitcoin ETF outflows. Data from Farside Investors shows over $183 million was withdrawn on February 10, followed by $56.7 million on February 11, $251 million on February 12, and $156.8 million on February 13.
Macroeconomic concerns, including the ongoing international trade war and hotter-than-expected inflation numbers, are driving investors away from risk-on assets like Bitcoin. On February 12, the US Bureau of Labor Statistics reported January inflation at 3%, surpassing expectations and dampening hopes for Federal Reserve rate cuts.
The recent announcement of tariffs by US President Donald Trump, targeting goods from Canada, China, and Mexico, has further pressured markets. With a 25% tariff on steel and aluminum imports, coupled with reciprocal trade measures, Bitcoin’s price has dropped below $100,000, struggling amid these headwinds.
Source: Swifteradio.com
