BlackRock Bitcoin, Ether ETFs buy $1B as BTC price mostly fills CME gap
Main Idea
BlackRock's Bitcoin and Ether ETFs purchased over $1 billion during a price dip, while Bitcoin nearly filled a CME futures gap, signaling strong institutional buying interest.
Key Points
1. BlackRock’s iShares Bitcoin Trust (IBIT) added over $500 million in BTC, and its Ether equivalent added a similar amount during a price drop.
2. Bitcoin dipped to $117,200, nearly filling the latest CME futures gap, which traders viewed as a potential support level.
3. Combined trade volumes for BTC and ETH spot ETFs reached $11.5 billion, comparable to Apple stock's trading volume.
4. Traders noted institutional interest in 'buying the dip,' with optimism for a new rally after Bitcoin held key support levels.
5. Bitcoin's recovery from post-PPI panic and its ability to hold the CME gap level were seen as positive signs for future price discovery.
Description
Bitcoin and Ether are firm "buy the dip" targets for ETF investors, with reactions celebrating continued institutional demand despite a BTC and ETH price correction.
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