Bitcoin Shorts Lose $16M as BlackRock ETF Filing Sparks Bullish Outlook
Total crypto market capitalization rose, with dogecoin (DOGE) leading gains among major tokens.
Hopes surrounding a potential U.S. Bitcoin ETF filing by investment giant BlackRock fueled a bullish sentiment among some traders early Friday.
Bitcoin regained the $25,500 level to erase declines of the past two days, when it fell to as low as $24,860. The move provided some respite to major tokens such as Polygon Network’s MATIC and Cardano’s ADA, which eased some losses from a two-day slide. Dogecoin (DOGE) led gains among major tokens with a 4% move in the past 24 hours; litecoin added (LTC) added 3.3%.
On Thursday, CoinDesk that BlackRock planned to offer a Bitcoin ETF with crypto exchange Coinbase (COIN) serving as custodian. This was confirmed later after a filing showed the company’s iShares fund management unit for the formation of a spot bitcoin (BTC) ETF.
“An estimated 20% of Americans have now owned bitcoin at some point. BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible,” said Sui Chung, CEO of CF Benchmarks, in an email to CoinDesk. “BlackRock’s increasing engagement shows Bitcoin continues to be an asset of interest for some of the world’s largest financial institutions.”
As such, the market strength of bitcoin impacted shorts – or bets against the currency – the asset with BTC-tracked futures seeing over $16 million in short liquidations in the past 24 hours. This figure was smaller than usual due to large declines in the past week, causing some traders to risk less capital than they normally would.
The U.S. Securities and Exchange Commission (SEC) has previously rejected other attempts by fund managers at listing a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree.
However, the stature of BlackRock could make it difficult for the SEC to reject this application – which could fuel an outsized bitcoin rally if approved.
Edited by Sam Reynolds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hyperliquid News Today: Institutional Activity and Token Releases Propel Crypto Market's Rebound and Growth
- Hyperliquid's 1.75M HYPE token unlock triggered a 4.6% price drop, reflecting broader market expectations amid pre-announced vesting schedules. - Nasdaq ISE seeks to elevate BlackRock's IBIT options liquidity, aligning crypto with major ETFs and signaling traditional market integration. - Binance launches tailored services for ultra-high-net-worth investors despite legal scrutiny over Hamas attack-linked transactions. - PharmaCorp's 9.4% same-store sales growth highlights investor confidence in tech-driv
Municipal Infrastructure Improvements and Sustainable Value Generation in Secondary Markets After the Boom
- Post-boom secondary markets leverage infrastructure upgrades to drive real estate and industrial growth, outpacing primary hubs like New York and San Francisco. - Cities like Austin (I-35 corridor) and Raleigh (RDU expansion) show how infrastructure boosts land values, reduces vacancies, and attracts tech/logistics investment. - Dallas and Atlanta exemplify measurable gains, with Dallas leading CRE rankings due to low costs and strategic connectivity, while Raleigh's diversified $8.3B pipeline ensures re
XRP News Update: RLUSD Connects Conventional and Digital Finance with ADGM Authorization
- Ripple's RLUSD gains ADGM approval as fiat-referenced token, enhancing institutional credibility in a tightly regulated digital finance hub. - Global stablecoin adoption accelerates via Truther's non-custodial Visa card and Klarna's KlarnaUSD, targeting seamless cross-border payments. - Cross River Bank launches unified fiat-stablecoin platform, addressing interoperability challenges in $20T+ annual stablecoin volume markets. - Regulators highlight risks in emerging markets as Brazil, India face systemic
The Federal Reserve’s Change in Policy and Its Impact on New Cryptocurrency Assets
- Fed's 2025 policy shifts drive institutional capital toward Solana as central banks balance inflation control and growth amid uncertainty. - Solana's technical upgrades (Alpenglow, Firedancer) and partnerships with Visa/Western Union enhance cross-border payment infrastructure and institutional credibility. - $37.33M inflows into Solana ETFs contrast with Bitcoin/Ethereum outflows, highlighting its macroeconomic hedge role through scalable DeFi and stablecoin ecosystems. - Growing $16B stablecoin liquidi
Trending news
MoreCrypto prices
More
