Massive Exit of BlackRock Triggers Gains of $BTC and Altcoins
"Maximum attention! The crypto market has taken a sharp turn in recent hours. Bitcoin, which touched a weekly high of $94,200, fell aggressively to $91,200.
The reason for this correction is very clear: record outflows from BlackRock's IBIT ETF have continued, with an additional $113 million withdrawn, frustrating any attempts by bulls to regain control.
Here’s what you need to know about the current situation:
- Aggressive Deleveraging: Traders are reducing risk. Open Interest (OI) in futures dropped to $21 billion from $25 billion a month ago. This caution is healthy, but it was felt: $280 million was liquidated in 24 hours, with most being long positions.
- The Critical Level (Watch the Heatmap!): The liquidation heatmap on Binance tells us that there are a large number of sell orders (long liquidations) concentrated around $90,600. If the price reaches that level, it could trigger an even larger cascade of sales.
- Altcoins in Trouble: Weakness is felt throughout the ecosystem. Major tokens like $TAO, $HYPE and $NEAR lost more than 6.5%. Even $ETH, after its anticipated Fusaka upgrade, quickly gave back much of its initial gains. The 'Altcoin Season' indicator remains stagnant.
- The market is in a risk-averse mode. Institutional selling pressure (via ETF) and general fear keep the Fear and Greed index very low.
Risk management is vital now. Do not expose yourself unnecessarily to liquidation levels.😉
Do you think BlackRock's selling pressure is an opportunity to buy cheap, or is it a signal that we will see lower prices in the short term? Share your thoughts!"
