Bitcoin, Dogecoin Gain, Ethereum Drops As BlackRock’s ETF Options Volume Breaches $1B On Debut: Analyst Flags ‘Opportunity’ To Buy ETH Before It Outperforms BTC
Leading cryptocurrencies rose Tuesday with the successful debut of spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) options.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +1.46% | $92,264.28 |
| Ethereum (CRYPTO: ETH) |
-1.96% | $3,112.15 |
| Dogecoin (CRYPTO: DOGE) | +4.77% | $0.3875 |
What Happened: Bitcoin recorded a new all-time high after breaching $94,000. The rally came after Nasdaq listed options for BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) for the first time, giving a fillip to institutional adoption of the world’s largest cryptocurrency.
Robert Mitchnick, BlackRock’s head of digital assets, told a panel at the Benzinga Future of Digital Assets conference that the options trading volume breached the 1 billion mark on its first day.
Ethereum wiggled in the $3,100 zone throughout the day. Over the last week, the asset lost nearly 5% of its value, while Bitcoin gained 4.59%.
Total cryptocurrency liquidations reached $293 million in the last 24 hours, with $183 million in bullish bets getting evaporated. .
Bitcoin’s Open Interest (OI) increased by 2.54% in the last 24 hours, indicating opening of new derivatives.
Most of the new positions bet against Bitcoin’s price rise, as Long/Shorts Ratio fell sharply below 1 in the last 24 hours.
The euphoria ebbed considerably, as the reading on …
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