Crypto Market Shows Signs of Recovery as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Surge by 10%, 12%, and 22% Respectively-web3.0-php.cn

Crypto Market Shows Signs of Recovery as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Surge by 10%, 12%, and 22% Respectively

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Aug 06, 2024 am 09:47 AM

CryptocurrencyBlackRock Bitcoin MicroStrategy Fidelity Sell-Offs

Despite massive sell-offs, BlackRock, Fidelity, Grayscale, and MicroStrategy remained calm. Following the opening of the U.S. market, BTC, ETH, and SOL surged by 10%, 12%, and 22% respectively.

Crypto Market Shows Signs of Recovery as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Surge by 10%, 12%, and 22% Respectively

Despite a massive sell-off in the cryptocurrency market, several major institutions, including BlackRock, Fidelity, Grayscale, and MicroStrategy, have not sold any of their assets. This observation was made in a post by Arkham, a blockchain security firm, on August 5, 2024.

The post on X (formerly Twitter) highlighted that these institutions remained calm even as the market crashed.

"You guys sold all your coins… But

BlackRock

MicroStrategy

Grayscale

Fidelity

didn't."

According to the data, BlackRock, Fidelity, Grayscale, and MicroStrategy hold substantial amounts of Bitcoin: 342.7K BTC, 180K BTC, 226.5K BTC, and 226.5K BTC, respectively.

However, despite the market recovery, whales and institutions appear to be selling a significant amount of ETH. According to Lookonchain, a whales’ wallet address (“0x6229”) deposited 19,557 ETH (valued at $48.14 million) into Binance. Additionally, Metapha deposited 10,000 ETH (around $25.5 million) into Binance.

On the other hand, traders liquidated a substantial $1.07 billion in long and short positions over the past 24 hours.

Crypto Market Recovers

Following the opening of the U.S. market, BTC, ETH, and SOL experienced a notable price surge of over 10%, 12%, and 22%, respectively. The potential driver behind this price recovery is the Spot Bitcoin Exchange Traded Fund (ETF) in the United States.

As the market opened, the spot Bitcoin ETF saw a massive trading volume of $1.3 billion within an hour. This significant trading volume over such a shorter period instilled confidence in investors and traders, contributing to the market’s recovery.

At press time, Helium (HNT) leads the crypto market with a notable price surge of over 10% in the last 24 hours. Conversely, Ether-based Lido DAO (LDO) is the top loser, losing 19% of its value during the same period.

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