"We estimate that the average bitcoin ETF entry price is $60,000 to $61,000, and re-testing this level could result in a wave of liquidations," Markus Thielen, founder of 10x Research, said.
"When Bitcoin dipped to 56,500 on May 2, Blackrock claimed 'sovereign wealth and pension funds' were coming," Thielen noted. "This helped arrest the decline, but now Blackrock says that 80% of their Bitcoin IBIT ETF buying is from retail, not institutions."
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