No Sell-Offs from BlackRock, Fidelity, and MicroStrategy: Report
After a blood bath across the cryptocurrency landscape, the market is showing signs of recovery. The top assets Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have gained an impressive price surge.
In addition to this recovery, the recent post from blockchain security firm Arkham has gained massive attention.
BlackRock, Fidelity, and Grayscale remain calm
On August 5, 2024, Arkham made a post on X (previously Twitter) stating that asset management giants such as BlackRock, Fidelity, Grayscale, and MicroStrategy remain calm despite a huge crash in the market. They didn’t sell off anything.
According to data, these firms hold substantial amounts of Bitcoin: BlackRock (342.7K BTC), Fidelity (180K BTC), Grayscale (226.5K BTC), and MicroStrategy (226.5K BTC).
However, whales and institutions seem to be selling a notable amount of ETH despite the market recovery. According to an on-chain analytic firm Lookonchain, whales’ wallet address “0x6229” has deposited 19,557 ETH worth $48.14 million to Binance. Additionally, Metapha has deposited 10,000 ETH worth $25.5 million to Binance.
On the other hand, traders have liquidated a significant $1.07 billion worth of long and short positions in the last 24 hours.
Crypto Market recovering
Following the opening of the U.S. market, BTC, ETH, and SOL have experienced a notable price surge of over 10%, 12%, and 22% respectively. The potential reason behind this price recovery is the Spot Bitcoin Exchange Traded Fund (ETF) in the United States.
As the market opened, spot Bitcoin ETF experienced a massive trading volume of $1.3 billion within an hour. This significant trading volume over such a shorter period has raised confidence among investors and traders, contributing to the market’s recovery.
At press time, Helium (HNT) tops the crypto market as it has experienced a notable price surge of over 10% in the last 24 hours. Conversely, Ether-based Lido DAO (LDO) remains the top loser as it lost 19% of its value during the same period.
