Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Bitcoin and Ethereum pricesare down today as the crypto market remains in a phase of extreme fear. This latest crash came amid BlackRock’s move, which sparked fear of a sell-off from the world’s largest asset manager.
The Bitcoin and Ethereum prices are down today following BlackRock’s transferof 2,257 BTC and 74,973 ETH to Coinbase, indicating plans to offload these coins. Notably, the BTC and ETH ETFs recorded outflows on December 16, likely why the asset manager moved these coins to redeem shares for its IBIT and ETHA ETFs, which were sold that day. Bitcoin and Ethereum Prices Decline Amid BlackRock’s Transfer
These Bitcoin and Ethereum ETFs have continued to record mixed flows, which have partly contributed to declines in BTC and ETH prices. Notably, the Bitcoin price had surged to around $90,000 yesterday from an intraday low of around $87,000, before retracing below $87,000 about an hour later. This immediately sparked theories of manipulation, with some crypto pundits revealing that BlackRock wasn’t the only one selling.
Related Reading: The Bearish Structure That Puts Bitcoin Price At $92,550, And Then $82,000
Crypto pundit Kruse claimedthat Binance first bought nonstop for over 30 minutes to pump the price, then started dumping millions of BTC and ETH to liquidate longs. He noted that the Bitcoin price pumped about $3,300 in 30 minutes, with $106 million in shorts wiped out during that period.
Following that, BTC printed another volatile hourly candle to the downside, which flushed out $52 million in longs. A similar price action had also played out for the Ethereum price. Kruse declared that this wasn’t random volatility but rather liquidity hunting. The pundit further warned that this is how leverage gets punished in crypto. He then reiterated that the volatile Bitcoin and Ethereum price actions weren’t random, indicating the market is being manipulated.
Onchain Sleuth Tracer also accused Binance of being responsiblefor the Bitcoin and Ethereum price declines. He claimedthat the crypto exchange pumped and dumped millions of BTC to liquidate traders, with $194 million in shorts and longs liquidated in one hour. BTC And ETH To Hit New All-Time Highs Next Year?
Crypto asset manager Bitwise has predictedthat the Bitcoin price will break the four-year cycle and set new all-time highs in 2026. The asset manager alluded to factors such as the Bitcoin halving and interest rate cyclesas what will drive this rally for the flagship crypto. The firm also remarked that crypto booms and busts fueled by leverage are weaker than in past cycles. Related Reading Ethereum 2-Year Trend Maps Out This Unique Crash Path To Bottom At $2,187 2 days ago
Bitwise also stated that institutions are likely to allocate more to Bitcoin ETFs, which is why they expect the Bitcoin price to reach new all-time highs next year. Furthermore, the firm noted that the pro-crypto regulatory shift will continue to allow companies to adopt crypto at a faster rate. The crypto asset manager also predicted that the Ethereum price could reach a new all-time high if the CLARITY Actpasses. BTC trading at $86,979 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com