BlackRock’s IBIT posts record daily volumes
After dropping to its lowest price since the US presidential election in November 2024, bitcoin has rebounded slightly and is currently trading at $70,000 where it seems to have stabilized, Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro writes.
Sentiment in the crypto space, as measured by the Crypto fear and Greed index, plunged into extreme fear, recording the lowest score since the FTX collapse three years ago.
We have some short-term resistance around the $73,000 to $75,000 zone. If the price clears here in the coming days sentiment could flip fast and in turn we could see a further rally in the price.
After being delayed due to the latest government shutdown, we have the latest non-farm payroll figures and the unemployment rate being released on Wednesday, as well as CPI inflation data being released on Friday.
A combination of weaker-than-expected jobs growth and cooling inflation could again put further pressure on the Fed to ease policy and in turn be positive for crypto asset prices.
Equally, disappointing figures could send the price back towards $60,000 and the 200-week moving average.
BIGGEST MOVERS
$ASTER was one of the few cryptoassets that finished in the green last week after decentraliszd perpetual futures exchanges saw their second biggest ever day on Thursday with over $70 billion traded.
Of the $70 billion traded, Aster handled $11.6 billion in volume, just over 15% and second only to Hyperliquid, which recorded approximately $24.7 billion or 31%.
$HYPE also finished the week modestly in the green as Hyperliquid unveiled HIP-4 Outcome Trading, adding collateralised prediction-market style contracts to its application, potentially competing with platforms like Polymarket and Kalshi going forward.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
BlackRock’s IBIT posts record daily volumes
BlackRock’s IBIT recorded over $10 billion in trading volume and over 284 million shares on Thursday, a record for the spot bitcoin ETF, as its price fell 13% and posting the second-worst daily price drop since it launched over two years ago.
Furthermore, options trading on IBIT exploded on Thursday with over 2.33 million contracts traded and $900 million paid in premiums, the highest single-day total ever.
Some analysts have attributed the record activity to hedge funds who were heavily concentrated in IBIT being forced to liquidate positions as the underlying bitcoin price broke through key support levels.
With this IBIT capitulation seemingly over, it could now signal the start of a bottoming in the bitcoin price due to less selling pressure being caused from ETF share redemptions.
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