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
Victim Compensation Does Not Excuse Criminal Acts, Judges Inform SBF
- Sam Bankman-Fried’s legal team faces uphill battle as appeals judges question claims of unfair trial and lack of fraud intent. - Judges dismiss defense arguments, noting SBF admitted not relying on legal advice during FTX fund transfers. - Court rejects post-trial repayment claims, emphasizing criminal liability persists despite 90% customer fund recovery. - Case sets precedent for crypto accountability, with appeals unlikely to succeed without procedural errors.
Sequoia's Change in Leadership: Will Advancements in AI Help Restore Broken Trust?
- Sequoia Capital's Roelof Botha steps down amid reputational crises, ceding leadership to Alfred Lin and Pat Grady during strategic recalibration. - The transition follows Islamophobic controversy, COO's exit, and a $200M FTX loss, prompting cultural and financial restructuring efforts. - New leaders prioritize trust restoration via a $950M AI fund targeting disruptive startups, signaling a return to U.S.-centric operations and ethical accountability. - The shift reflects industry-wide adaptation to geopo
Solana News Update: Mutuum Finance's DeFi Strategy: Balancing Stability Against Shiba Inu's Fluctuations
- Mutuum Finance (MUTM) raises $18.27M in presale with 80% completion, targeting $0.06 launch price for 400% potential gains. - Project combines Solana's utility-driven growth with SHIB's viral appeal via dual-lending model and automated risk management protocols. - CertiK audit (90/100) and $50K bug bounty address DeFi security risks, while buy-and-distribute mechanism boosts token value retention. - Whale investments and structured tokenomics (45.5% presale allocation) signal institutional confidence ahe
Bitcoin News Update: Retail Investors Panic While Institutions Accumulate as Bitcoin Challenges $106K Support Level
- Bitcoin fell below $100,000 on October 30, 2025, its first drop in six months amid heightened volatility. - ETF outflows ($488M) and institutional buying (397 BTC at $114,771) highlight retail caution vs. institutional confidence. - Analysts warn of 65%-70% drawdown risks over two years, citing weak investor understanding and panic selling cycles. - Regulatory shifts (e.g., Wyoming stablecoin plans) offer partial support but fail to offset year-to-date price swings ($67k-$124k). - Market uncertainty pers
Trending news
MoreCrypto prices
More
