BlackRock Ethereum ETF Sparks Crypto Market Selloff
The BlackRock Ethereum ETF filing initially led to a surge in positive sentiment in the crypto market, but traders quickly moved to close their positions. The result was a nearly 2% drop in Bitcoin (BTC) price, erasing some of its recent gains. Altcoins such as XRP, SOL, and ETH also experienced a selloff. The question now is whether the market is heading for an upcoming correction.
Crypto Market Witnesses Massive Shuffling After BlackRock Ethereum ETF News
Traders have been closing their positions for several cryptocurrencies in response to the ETHBTC ratio after news of the BlackRock Ethereum ETF filing. Notable traders, including Hasaka, WSB Trader Rocko, and McKenna, observed a crypto market flush after the ETHBTC pumped up and closed with a green candle. The monthly timeframe shows that ETHBTC has bottomed out, leading traders to sell Bitcoin for Ethereum.
Coinglass data indicates a massive liquidation of $200 million today, October 9. More than 64k traders were liquidated in the last 24 hours, with Binance’s RUNEUSDT seeing the largest single liquidation order worth $2.93 million. This has resulted in the crypto market turning ‘red’.
Crypto Analysts Predict Downside Target for Bitcoin
Popular crypto analyst CredibleCrypto predicted a downside target for Bitcoin due to expected liquidations. He believes that a low timeframe pullback will create a buy-the-dip opportunity but stated that “we aren’t there yet.” Blockstream CEO Adam Back also shared bearish sentiments, stating that BlackRock’s Ethereum ETF is negative news for Bitcoin and the crypto market.
Bitcoin and Ethereum Prices React to BlackRock Ethereum ETF Filing
BTC price dropped by nearly 2% in the past 24 hours, currently trading at $36,781. Trading volume has increased by 22% in the last 24 hours, indicating heightened trader interest. Meanwhile, ETH price trades at $2030, up just 1% after falling due to news about the BlackRock Ethereum ETF filing.
Hot Take: The Impact of BlackRock’s ETF Filing on Crypto Markets
The initial surge in positive sentiment following BlackRock’s Ethereum ETF filing quickly turned into a selloff as traders closed their positions. With Bitcoin and altcoins experiencing drops in prices and increased liquidations, it seems that caution may be warranted amidst concerns of an upcoming correction.
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