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BlackRock Ethereum ETF filing spurred fresh positive sentiment in the crypto market, but traders quickly moved to close their positions. Bitcoin (BTC) price fell nearly 3.86% as a result of BlackRock Ethereum ETF filing, giving up some gains in the last 48 hours. Altcoins including XRP, SOL, SHIB, and even ETH witnessed a selloff, is the market prediction for an upcoming correction, right?
Crypto Market Selloff After BlackRock Ethereum ETF
The crypto market witnessed massive shuffling on Thursday, November 16 as traders closed their positions for several cryptocurrencies. The move comes in response to the ETHBTC ratio after BlackRock Ethereum ETF filing news. The selloff looks to continue this week as total liquidation crosses $300 million.
Popular traders including Hasaka, WSB Trader Rocko, and McKenna shared a crypto market flush after the ETHBTC pumped up and closed with a green candle. Notably, ETHBTC has bottomed in the monthly timeframe and traders are selling Bitcoin for Ethereum.
Coinglass data shows massive liquidation of $224 million today, November 16. More than 64k traders were liquidated in the last 24 hours, with the largest single liquidation order on Binance’s RUNEUSDT worth $2.93 million. As a result of closing positions and selloff, the crypto market is in ‘red’ now.
Popular crypto analyst CrediBULL Crypto predicted a downside target for Bitcoin due to expected liquidations. He said a low timeframe pullback will bring a buy-the-dip opportunity, but hinted that “we aren’t there yet.”
Blockstream CEO Adam Back also said that BlackRock Ethereum ETF is bearish news for Bitcoin and the crypto market. He said, “They’re a securities firm, and they have to know asking for an ETF for a pyramid scam is a waste of time.”
BTC price pares earlier gains, falling nearly by 4.91% in the past 24 hours, with the price currently trading at $35,880.12. Furthermore, the trading volume has increased by 9.91% in the last 24 hours, indicating a rise in the interest among traders.
ETH price plunged below the $2000 support zone, down by 3.2% despite the BlackRock Ethereum ETF filing news. Like Bitcoin, the trading volume is up 19% to $14,799,113,812.
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