Crypto Price Prediction: The crypto market has witnessed a surge in volatility since the approval of spot Bitcoin ETFs on Wednesday. Amid the ETF approval and two trading days in the U.S. market, the underlying asset BTC temporarily hit $49000 but made a quick retracement to $42000. This selling pressure spread across top altcoins creates concerns about the sell-the-news theory.
Also Read: What’s Next After Spot Bitcoin ETF? Expert Unveils Key Trends to Watch
BlackRock Accumulates Bitcoin in the Current Market Dip
BlackRock’s recent move into Bitcoin, notably buying during a dip, signifies a substantial shift in their asset allocation. Over just two days, this single player withdrew 11,500 BTC from the market which is equivalent to approximately 13 days of Bitcoin’s daily issuance, which stands at 900 BTC.
Furthermore, the IBIT Spot ETF accounted for only about 25% of the trading volume during this period, implying that an additional 46,000 BTC might have been absorbed from the m
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