BlackRock has reduced the in-kind conversion minimum for its iShares Bitcoin Trust from $25 million to $1 million, potentially making the mechanism available to a wider group of institutional participants.
The $32.1 million turn ended four negative sessions, but every listed fund except IBIT was flat or negative.
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Two Wall Street trading desks can hold economically similar exposure to Bitcoin and still pay materially different amounts to keep that exposure open. That's not because one desk made a better market call, but because the regulated products carrying the positions are inside collateral systems that don't always recognize them as parts of the same […]
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BlackRock IBIT And MicroStrategy Show Two Very Different Ways To Accumulate Bitcoin - Read the full analysis.
BlackRock generated $82 million in revenue from its digital-asset products during the first half of 2026, even as falling Bitcoin and Ethereum prices erased nearly $30 billion from the assets supporting the business. The world's largest asset manager recorded $42 million in digital-asset base fees and securities-lending revenue in the first quarter, followed by $40 […]
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FBTC and IBIT drove the $424.7 million reversal, leaving the July 6-13 balance $227.3 million in the red.
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BlackRock’s IBIT Sees $300M Outflow As Bitcoin ETF Rebalancing Deepens: what the validated data shows, why it matters for crypto markets, and the caveat.
Spot Bitcoin ETF products returned to net inflows after five straight days of outflows.
BlackRock has updated its regulatory filing for a new Bitcoin Premium Income ETF, signaling an imminent launch that intensifies a Wall Street race against Goldman Sachs Group to capture yield-seeking digital asset investors. On June 10, the world's largest asset manager submitted an updated prospectus to the Securities and Exchange Commission (SEC) for the iShares […]
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Last week, an institutional investor executed the largest single off-exchange trade in the history of US spot Bitcoin exchange-traded funds, offloading a $1.26 billion position in BlackRock’s iShares Bitcoin Trust (IBIT). While the transaction has sparked intense debate on Wall Street, an analysis from NYDIG suggests the sale was a targeted, urgent retreat by a […]
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Jane Street sharply reduced its Bitcoin ETF exposure in the first quarter of 2026, cutting reported holdings in BlackRock’s IBIT and Fidelity’s FBTC while increasing positions in Ether ETFs and several crypto-linked equities. The move has revived speculation that one of the market’s largest trading firms may have been a major force in Bitcoin’s recent price dynamics — and that a lighter reported position could remove a key overhang for BTC. According to the latest 13F filings, Jane Street cut its IBIT position by roughly 71% and its FBTC position by about 60% in Q1. Parker White, the Chief Operating Officer (COO) and Chief Investment Officer (CIO) of DeFi Development Corp (DFDV), renewed his thesis from February and argued via X that the filing may help answer questions that have circulated since a major IBIT trading dislocation on February 5 when BTC price saw a massive -18% drawdown. “It is now apparent that Jane Street cut their IBIT and FBTC holdings by roughly 70% in Q1 based on 13F filings,” Parker wrote on X. “Did they just outright sell or more likely, did they make a HUGE profit on their short derivatives, which they don’t have to report? We are still waiting for the final shoe to drop with one of the likely culprits of the blowup.” It is now apparent that Jane Street cut their IBIT and FBTC holdings by roughly 70% in Q1 based on 13F filings. Did they just outright sell or more likely, did they make a HUGE profit on their short derivatives (which they don’t have to report)? We are still waiting for the… https://t.co/67XxlwZEGm — Parker (@TheOtherParker_) May 13, 2026 Related Reading: Bitcoin Just Entered A Deceptive Territory, Here’s What You Should Know Will The Bitcoin Price Rally Now? The filing does not show Jane Street’s derivatives exposure, nor does it establish whether the firm was directionally bearish, hedged, or engaged in ETF arbitrage and market-making activity. That limitation is central to the debate. A 13F captures certain long holdings at quarter-end, but it does not give a complete view of options, swaps, futures, or short exposure that could materially change the economic interpretation of the reported cuts. Still, the reduction has become a focal point because of earlier claims that Bitcoin’s price discovery may have been distorted by the mechanics of spot ETF trading. Bitwise advisor Jeff Park wrote that Jane Street had “slashed its Bitcoin ETF exposure in Q1 2026,” cutting IBIT by approximately 71% and FBTC by approximately 60%, before adding: “Price discovery is back on the menu.” Park’s broader argument is not that one firm explicitly suppressed Bitcoin’s price, but that the ETF structure creates a complex market-making environment in which authorized participants can use creation and redemption mechanics, derivatives, and futures hedges in ways that may weaken the link between ETF demand and spot Bitcoin buying. In a prior post, he framed the issue as structural rather than conspiratorial. JANE STREET SLASHED ITS BITCOIN ETF EXPOSURE IN Q1 2026, CUTTING IBIT BY ~71% AND FBTC BY ~60%, ACCORDING TO ITS LATEST 13F FILING Price discovery is back on the menu https://t.co/ed41KhlQC4 — Jeff Park (@dgt10011) May 13, 2026 “The short answer is that no AP explicitly suppresses Bitcoin price,” Park wrote. “What the AP structure can suppress is the integrity of the price discovery mechanism itself. Those are not the same thing—but the second is arguably more consequential than the first.” Related Reading: Here’s When Bitcoin Could Reach $10 Million Under Power Law Model That distinction matters for the bullish interpretation. If Jane Street’s reported Bitcoin ETF exposure has already been reduced substantially, some traders may read the filing as evidence that a large source of ETF-related pressure has been partially cleared. Parker went further, suggesting Jane Street “likely doesn’t want to be short BTC forever” and that observers should “look for them to begin re-accumulating in Q2.” The thesis is speculative, but it is not without a clear market logic. If a large trading firm had been involved in strategies that created persistent ETF or derivatives pressure, a reduction in reported Bitcoin ETF holdings, combined with any eventual unwind of related positions, could shift the market’s balance back toward cleaner spot-led price discovery. That is the bullish setup implied by the posts: not simply that Jane Street sold, but that the trade may already have played out. At the same time, Jane Street did not exit crypto exposure broadly. The firm increased holdings in BlackRock and Fidelity Ether ETFs and added to positions in Riot Platforms, Coinbase, and Galaxy Digital, while trimming Strategy and several Bitcoin mining names. At press time, BTC traded at $79,783. Featured image created with DALL.E, chart from TradingView.com
Bitwise advisor Jeff Park says Bitcoin’s next all-time high could be driven not by spot ETF flows alone, but by a fast-growing options market around BlackRock’s iShares Bitcoin Trust. Speaking at Bitcoin Conference 2026 in Las Vegas on Monday, Park argued that IBIT options are beginning to reshape the structure of Bitcoin volatility and may become the catalyst for the asset’s next major leg higher. Why BlackRock’s Bitcoin Options Could Be Crucial Park said the market has reached a notable inflection point: IBIT options open interest has now overtaken Deribit’s open interest “for the first time in a meaningful way.” For years, Deribit has served as the dominant venue for Bitcoin options, with traders often using its D-Vol index as a proxy for implied volatility across the market. Park argued that this approach is increasingly incomplete. “For a long time people would look at Deribit’s D-Vol to calculate implied volatility but D-Vol is flawed,” Park said. “D-Vol only uses Deribit options. The reality is there’s lots of offshore exchanges, there’s now IBIT options, and we actually need more intelligent ways to quantify the parameterization of implied volatility.” Related Reading: Bitcoin Is Headed For $40,000: Analyst Reveals The Best Time To Buy BTC That shift matters because the US-listed IBIT options market appears to be pricing Bitcoin risk differently from offshore venues. Park pointed to BVIV US, which tracks implied volatility on IBIT, and BVIV, an offshore exchange aggregate correlation implied volatility measure. According to him, the spread between the two now sits around five points, with IBIT volatility trading higher than Deribit and other offshore exchange volatility. The premium, in Park’s view, may reflect a different kind of buyer entering the Bitcoin options market. Unlike much of the offshore options complex, IBIT options can extend more than two years out, giving investors access to longer-tenor upside exposure through a regulated US product. That duration may be drawing demand from retail investors seeking leveraged participation in a potential Bitcoin rally without the same constraints typically associated with offshore venues. Related Reading: Bitcoin To $125,000: Arthur Hayes Says The Setup Is Turning Bullish “Where is that five points spread coming from? My guess is that there’s a lot of retail demand for upside participation in a longer tenor than what is promised usually on Deribit because IBIT options go out two years plus,” Park said. “And so my bold prediction is that we’re going to see a big Bitcoin move up.” Park’s thesis centers on the interaction between options positioning and Bitcoin’s scarcity. If IBIT options continue to gain market share, and if upside call demand forces dealers or other market participants to hedge dynamically, the resulting gamma effects could add momentum to a rising market. In that setup, options activity would not merely reflect bullish sentiment; it could help amplify it. “My prediction is that it is going to be led by IBIT options and the reflexive nature in which the gamma that is possibly created within something like Bitcoin due to its scarcity can really, really lead the next leg up in a meaningful way,” Park said. At press time, BTC traded at $75,937. Featured image created with DALL.E, chart from TradingView.com
Demand for US-listed spot Bitcoin ETFs has rebounded into its longest positive stretch of 2026, putting fund flows back at the center of Bitcoin’s latest test of the $80,000 area. SoSoValue data show the products drew net inflows for nine consecutive trading days through April 24, adding about $2.12 billion since April 14. The run […]
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Strategy, the Michael Saylor-led company formerly known as MicroStrategy, has surpassed BlackRock’s flagship spot Bitcoin exchange-traded fund (ETF) to become the world’s largest institutional holder of Bitcoin. According to an April 20 regulatory filing with the Securities and Exchange Commission (SEC), Strategy acquired an additional 34,164 Bitcoin over the past week at an average price […]
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Michael Saylor has signaled that Strategy, formerly MicroStrategy, may be preparing to buy more Bitcoin, reviving a pattern investors now treat as an early marker for another weekly treasury announcement. On April 19, the company’s executive chairman posted a screenshot of Strategy’s Bitcoin portfolio tracker on X with the phrase “Think Even ₿igger.” Historically, Saylor […]
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Rep. Sheri Biggs disclosed a purchase of up to $250,000 in BlackRock’s iShares Bitcoin Trust ETF for the second time in a year.
Is Coinbase too big to fail? It has to be now ETFs rely on it daily Wall Street spent two years selling investors on a clean vision of Bitcoin: a regulated exchange-traded fund, cleared and settled through the same institutional machinery that handles equities and bonds, scrubbed of the Wild West baggage that haunted crypto's […]
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On April 8, Morgan Stanley’s spot Bitcoin exchange-traded fund began trading on the NYSE Arca under the ticker MSBT, logging 1.6 million shares and roughly $34 million in volume on its highly anticipated first day. The MSBT fund purchased 430 Bitcoin on day one, following $30.6 million in net inflows. Speaking on this performance, Bloomberg […]
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Morgan Stanley’s spot Bitcoin exchange-traded fund (ETF) appears close to launch, giving Wall Street one of its clearest signs yet that a major US bank is ready to put its own name directly on a BTC product. On March 25, the New York Stock Exchange (NYSE) posted a listing notice for the Morgan Stanley Bitcoin […]
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BlackRock's Chief Executive Larry Fink told shareholders this year that digital assets, alongside private markets, insurance, and active ETFs, could each become $500 million revenue generators for the firm within five years. According to him: “Private markets to insurance, private markets to wealth, digital assets, and active ETFs, we think these can all be $500 […]
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Strategy has once again strengthened its aggressive digital asset vault, adding another billion-dollar allocation of Bitcoin to its growing treasury. The move reinforces the company’s long-standing belief that BTC represents the most reliable store of value in the digital era, positioning Strategy even further ahead as the largest corporate holder of the cryptocurrency. What Strategy’s Latest Purchase Means For The Capital Market According to analyst Adam Livingston’s post on X, Bitcoin advocate and Executive Chairman Michael Saylor of Strategy (MSTR) has released its latest Form 8-K, confirming another massive expansion of its BTC standard. Meanwhile, the BTC bears are currently consolidating around the market. Related Reading: Strategy’s Bitcoin Bet Now $3.35 Billion In The Red As Saylor Tells Investors To Wait This week, Strategy has intensified its aggressive accumulation strategy after revealing in a new filing that it raised more than $1.5 billion and used the capital to purchase 22,337 additional BTC. The latest acquisition pushes the company’s total BTC holding to approximately 761,068 BTC, reinforcing Strategy’s position as the largest corporate holder of the digital asset. Livingston argues that the balance sheet got heavier, the funding engine got smarter, and the anti-MSRT commentariat got hit with another folding chair made of SEC fillings. In the video shared by Livingston, the expert explains why Strategy’s latest move is viewed as overwhelmingly bullish for its long-term outlook. Furthermore, Livingston shared insight on how STRC is becoming a game-changer for common shareholders by offering a more efficient way for Strategy to raise capital and expand its BTC holdings without relying on traditional methods. The analysis also addresses ongoing criticism around dilution, which many bearish takes fail to account for the underlying mathematics of Strategy’s model. The company is evolving into a powerful BTC accumulation vehicle that is systematically absorbing liquidity from the market and positioning itself as a dominant force in the digital asset space. Why Cross-Margining Is A Game-Changer For Hedge Funds The recent regulatory developments are marking a significant shift in how Bitcoin is being integrated into traditional finance. Crypto analyst MartyParty revealed that the US Securities and Exchange Commission (SEC), alongside institutions like the Options Clearing Corporation, has advanced rules via filings that allow cross-margining using BTC ETF holdings as collateral. Related Reading: US Bitcoin ETFs Hit 5-Day Inflow Streak For First Time In 2026 These changes allow hedge funds and institutional investors to use holdings in spot BTC ETFs such as IBIT and FBTC as collateral for equity options trading and other margin requirements. MartyParty highlighted that this development builds on earlier milestones, such as the approval of options BTC ETFs in 2024, including the ongoing expansion. Together, these developments reduce friction for institutions, making it easier to integrate BTC into broader portfolios without liquidation or segregating assets. The broader implication is a maturing financial ecosystem where BTC is increasingly treated as a legitimate collateral asset in TradFi, boosting liquidity and efficiency for large players. Featured image from Pixabay, chart from Tradingview.com
The filing provides little detail on the firm or its funding source, leaving the identity of the ultimate investors behind the IBIT position unclear.
An obscure Hong Kong firm has disclosed a $436 million position in BlackRock’s Bitcoin ETF, a revelation that is fueling speculation about Chinese capital flowing into crypto through offshore side doors. Laurore Ltd, a previously unknown entity, reported the stake in BlackRock Inc.’s iShares Bitcoin Trust (IBIT) in a filing with the US Securities and […]
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Crypto exchange-traded products (ETPs) have extended their negative streak to a fourth consecutive week after US market weakness pushed global funds to over $170 million in weekly outflows. Related Reading: Bitcoin Should Be Flying—Instead, Quantum Risk Keeps It Grounded: Analyst Crypto Funds Outflows Extend Amid US Weakness According to the latest CoinShares data, crypto-based investment products recorded their fourth week of outflows amid the negative market sentiment of the past month. In a Monday report, James Butterfill, head of research at CoinShares, shared that global crypto funds closed the week with negative net flows totaling $173 million, bringing cumulative four-week outflows to $3.47 billion. Notably, crypto ETPs recorded over $1.7 billion in outflows each of the last two weeks of January as the market sentiment shifted, marking the largest negative net flows since November 2025. Over the past two weeks, investment products have seen outflows of $187m and $173m, respectively. The latest figures suggest that the strong selling pressure has slowed, although it has not yet reversed despite improved market sentiment. “The week began on a more positive note, with inflows of US$575m, followed by outflows of US$853m, likely driven by further price weakness. Sentiment improved slightly on Friday following weaker-than-expected CPI data, with inflows of US$105m,” he detailed. Meanwhile, ETPs’ trading activity also dropped notably, with volumes falling to $27 billion from a record $63 billion recorded the previous week. Butterfill noted that the funds also saw a sharp regional divergence in sentiment between the US and the rest of the world. Per the report, the US saw $403 million in outflows last week, while all other regions recorded $230 million in inflows. Germany, Canada, and Switzerland registered the strongest performance, with inflows worth $114.8 million, $46.3 million, and $36.8 million, respectively. Altcoins See Selective Resilience As the report noted, the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), saw the worst performance among major assets. The flagship crypto had the weakest sentiment, recording $133 million in negative net flows, fueled by BlackRock IBIT’s $235 million in outflows. However, short Bitcoin investment products also recorded outflows, totaling $15.4 million over the past two weeks, “a pattern often seen near market lows,” Butterfill added. Related Reading: Bitcoin At $8,000? Michael Saylor Says Strategy Still Won’t Break Ethereum suffered $85.1 million in outflows, led by BlackRock ETHA’s $112.7 million, while Hyperliquid saw $1 million in outflows. On the flip side, some altcoin-based investment products saw positive sentiment, continuing to attract fresh inflows last week. Crypto funds based on XRP led the charge with $33.4 million in inflows, adding to the previous week’s $63.1 million positive flows. Solana ETPs followed second with $31 million inflows, a notable increase from the $8.2 million recorded the week prior, signaling confidence in these assets despite the broader trend. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin’s slide toward $60,000 came with the usual noise from exchanges, but the sheer size of the panic was evident somewhere else. Options tied to BlackRock’s iShares Bitcoin Trust (IBIT) traded about 2.33 million contracts in a single trading day, a record that arrived right as price was at its most unstable. At the same […]
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On Jan.30, 2026, US spot Bitcoin ETFs saw $509.7 million in net outflows, which looks like pretty straightforward negative sentiment until you look at the individual tickers and realize a few of them stayed green. That contradiction aged fast over the next few days. Feb. 2 snapped back with $561.8 million in net inflows, then […]
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Crypto expert Tony Severino has opined that Bitcoin isn’t just showing signs of a yearly top but also that the BTC price may have hit a 16-year cyclical peak. This comes amid the flagship crypto’s recent crash to $60,000, which sparked fears of a bear market. Bitcoin May Be Showing Signs Of A Peak Amid BTC Price Crash To $60,000 In an X post, Severino alluded to the yearly Bitcoin chart, which he said looks like a 16-year cyclical peak rather than just a yearly top. The expert also outlined several reasons this appears to be a major cyclical top for the BTC price. First, he noted that the white candlesticks have been decreasing in size over time, while black candlesticks engulf more white candles with each appearance. Related Reading: Bitcoin Price Just Hit A 15-Year Trendline After The Crash, What This Means Furthermore, Severino highlighted the Doji at the top of a rising wedge pattern while the Evening Star is in progress, which is a bearish reversal signal for the BTC price. Meanwhile, the Fischer Transform is crossing bearish with divergence, and the Stochastic is crossing bearish after being rejected from 80. He added that Bitcoin’s Relative Strength Index (RSI) is falling back below 70 after making it above this level on the highest timeframe chart. His analysis comes as the BTC price continues to decline, suggesting the crypto market may be in a bear market after topping last October. Bitcoin dropped to as low as $60,000 earlier this week, suffering its largest daily decline since the FTX collapse. Veteran trader Peter Brandt has also opined that Bitcoin is in a bear market, predicting that it could still drop to as low as $42,000 before it sees a bottom. Reason For The Recent BTC Crash BitMEX co-founder Arthur Hayes has commented on the reason for this recent Bitcoin crash, suggesting that it was due to external factors rather than part of an ongoing bear market. In an X post, he stated that the BTC price dump was probably due to a dealer hedging off the back of BlackRock’s BTC ETF structured products. Notably, BlackRock’s IBIT saw a record trading volume of $10 billion on the day of this crash to $60,000. Related Reading: Here’s What To Expect If The Bitcoin Price Maintains Support Above $74,400 Hayes’ comment comes on the back of Bitcoin’s rebound above $70,000, with the flagship crypto recording one of its largest ever daily gains yesterday following the crash to $60,000. Galaxy Digital’s Head of Research, Alex Thorn, suggested that the drop to $60,000 may mark the bottom for the BTC price. This came as he noted that the 200-week MA, which is around $60,000, has historically been a strong entry point for long-term investors. At the time of writing, the BTC price is trading at around $70,000, up over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
Arthur Hayes, co‑founder of BitMEX, has pointed to hedging tied to BlackRock’s iShares Bitcoin Trust (IBIT) as a major driver behind the recent Bitcoin sell‑off. Related Reading: Bitcoin Edges Past Gold In Appeal, JPMorgan Says According to Hayes, dealer hedging related to IBIT and similar structured products can force large, mechanical selling when markets move against those positions. Reports note that such moves can amplify a price drop already set off by other pressures. Heavy Hedges Can Trigger Sudden Selling Pressure: Hayes Hayes argues that banks and dealers who underwrite structured notes and ETF‑linked products often hedge their exposure in the spot and derivatives markets. Those hedges can be heavy and fast. When a large product faces outflows or redemption triggers, hedges are adjusted quickly. That can translate into sudden selling pressure that pushes prices down further, especially if liquidity is thin. $BTC dump probably due to dealer hedging off the back of $IBIT structured products. I will be compiling a complete list of all issued notes by the banks to better understand trigger points that could cause rapid price rises and falls. As the game changes, u must as well. pic.twitter.com/9DF8VE9XBL — Arthur Hayes (@CryptoHayes) February 7, 2026 Market Moves And Liquidity Stress The market behaved like a room of people trying to leave at once. Prices plunged, then bounced. Reports say Bitcoin fell steeply from its recent highs before staging a partial recovery. Bitcoin has fallen to around $68,500 Saturday, down 16% in the last seven days, data from Coingecko shows. Trades and order books showed spikes in volume, which is one sign that hedging flows and quick rebalancing were at play. Some analysts say macro news and trader positioning also mattered. The truth likely sits in the overlap of these causes. Who Bears The Risk Dealers carry risk when they underwrite complex products. In certain moments, that risk is passed back into the market through hedging. That’s how, according to Hayes, a few large issuers can indirectly set off a chain reaction that affects many other holders and traders. The moves can be sudden and mechanical, not always driven by sentiment. A Watchful Washington Reports say the role of spot ETFs in crypto markets is now on regulators’ and policymakers’ radar. US President Donald Trump’s economic team has been monitoring big flows into and out of institutional vehicles, while market participants debate whether ETFs stabilize prices or add new stress points. Whatever the view, structured products now form a clear link between traditional finance and crypto volatility. Broader Takeaways This episode underlines how new financial plumbing can create new channels for contagion. Some see the presence of large, regulated players as a net positive for long‑term adoption. Others warn those same players introduce conventional market mechanics that can behave unpredictably when stretched. Reports note both perspectives are useful when piecing together why prices moved the way they did. Related Reading: Bitcoin Sell-Off May Be Done, Analyst Flags Recovery Signs Who Is Right, And What Next Hayes has laid out a theory that ties observable hedging flows to the crash. It is a compelling thread that fits many of the market signals seen in recent days. Still, other factors—macro shifts, concentrated profit‑taking, and liquidity gaps—likely played parts as well. Traders will watch flows closely, and structured product issuers will be asked hard questions. Featured image from Unsplash, chart from TradingView
BlackRock is moving deeper into the “Bitcoin as a portfolio sleeve” trade, this time by packaging the flagship digital asset's inherent volatility into distributable income. On Jan. 23, the $14 trillion asset management firm filed a registration statement for the iShares Bitcoin Premium Income ETF. This is a fund designed to track BTC's price (via […]
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The Bitcoin and Ethereum prices are 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 transfer of 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 claimed that 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 responsible for the Bitcoin and Ethereum price declines. He claimed that 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 predicted that 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 cycles as 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 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 Act passes. Featured image from iStock, chart from Tradingview.com