Bitcoin and Ether were firm “buy the dip” targets for ETF investors, with reactions celebrating continued institutional demand despite a BTC and ETH price correction.
Market Update
Key points:
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BlackRock’s Bitcoin and Ether ETFs bought over $1 billion on Thursday while prices tanked 5% or more.
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Institutions were interested in “buying the dip” on both assets, a reaction says.
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Bitcoin has almost filled its latest CME futures gap with a trip to near $117,200.
Bitcoin () hovered at $119,000 into Friday’s Wall Street open as attention focused on institutional buyers.
BlackRock buys the dip as liquidations pass $500 million
Data from and showed BTC/USD protecting the daily open as support.
A double hit of and mixed signals on the by Treasury Secretary Scott Bessent had sparked a swift 5% BTC price retreat the day prior, with lows near $117,200.
Data from monitoring resource showed crypto liquidations over 24 hours nearing $1 billion.
While longs unwound, buyer interest from one source in particular remained conspicuous.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest of the US spot Bitcoin exchange-traded funds (ETFs), added on Thursday. Its Ether () equivalent added a similar amount, bucking the short-term price rout.
The moves did not go unnoticed by the crypto trading community, with trader BitBull identifying institutions’ desire to “buy the dip.”
“BlackRock went all in $BTC and $ETH yesterday,” he said in a alongside data from crypto intelligence firm Arkham.
Bloomberg ETF analyst Eric Balchunas added that Thursday’s combined trade volumes for the BTC and ETH spot ETFs totaled $11.5 billion.
“For context that’s about the same volume as Apple stock,” he X followers.
Bitcoin eats away at $117,000 CME Gap
Further optimism came from Bitcoin’s latest local bottom.
Related:
In dipping to $117,200, crypto investor and entrepreneur Ted Pillows, among others, noted that BTC/USD had mostly filled the latest weekend gap in CME Group’s .
“Now I think that the worst is in for BTC and a new rally will start,” he .
As , $117,200 was already on the radar as a significant level for a resistance/support flip.
“Bitcoin recovering well from that post-PPI panic,” fellow trader Jelle .
“Price held the support level – the CME gap filled for 75%, price is now back above the 4h 50EMA. $120,000 remains the area to turn into support, once that’s done -> price discovery is next.”
Daan Crypto Trades that the gap “can be a good level to keep an eye on in case price does decide to do one more drive lower to take out those lows.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
