BlackRock's Bitcoin and Ether ETFs purchase $1 billion and the price of BTC mostly covers the CME gap
Bitcoin and Ether were firm targets of "buying the dip" for ETF investors, with reactions celebrating the continued institutional demand despite the price correction of BTC and ETH.
Bitcoin
BTC
€100,614
remained at $119,000 at the start of Friday's trading session on Wall Street, while attention focused on institutional buyers.
BlackRock buys on dips as liquidations exceed $500 million.
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair protected the daily open as support.
The double whammy of high inflation from the U.S. Producer Price Index (PPI) and mixed signals about the strategic reserve of bitcoins from Treasury Secretary Scott Bessent caused a rapid 5% drop in BTC's price the previous day, with lows near $117,200.
Data from monitoring resource CoinGlass showed that cryptocurrency liquidations in 24 hours approached $1 billion.
While long positions were liquidated, the interest from buyers of a particular source remained notable.
BlackRock's iShares Bitcoin Trust (IBIT), the largest spot Bitcoin exchange-traded fund (ETF) in the United States, added over $500 million in BTC on Thursday. Its equivalent in Ether
ETH
€3,784
added a similar amount, countering the short-term price drop.
