BizwavemediaPersonal Finance and Crypto Updates

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Bitcoin’s price suddenly dropped below $87,000 on Monday, wiping out nearly $200 million in long trades in the last hour, according to data from CoinGecko and Coinglass.

Long liquidations occur when exchanges automatically close leveraged long positions after prices fall below certain thresholds, requiring traders to sell their holdings.

The pullback in Bitcoin sent shockwaves across the crypto market. Ethereum, BNB, and Solana each lost around 4% in the last hour, while XRP fell nearly 3%.

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Tesla shares jumped 4.1% Monday, closing in on their all-time high of $490 set in mid-December 2024. At press time, the stock was trading at $477, down slightly from its $480 intraday peak earlier in the day, but still hovering near a one-year high.

The company’s all-time closing record stands at $479, set on December 17, 2024. If momentum continues, Tesla could soon break both its closing and intraday records, marking a new peak exactly one year after its previous top.

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CME Group launched Spot-Quoted XRP and SOL futures today, expanding its crypto derivatives offerings beyond Bitcoin and Ether.

The new contracts are available to trade across the four major US equity indices, including the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average. The contracts allow investors to trade futures positions in spot-market terms with longer-dated expiries, eliminating the need to periodically roll positions.

“We’ve seen strong demand for our current Spot-Quoted Bitcoin and Ether futures, with more than 1.3 million contracts traded since launched in June, and we are pleased to add XRP and SOL to our offering,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. “

CME’s existing Spot-Quoted Bitcoin and Ether futures have recorded launch-to-date average daily volume of 11,300 contracts, with Q4 average daily volume of 18,400 contracts and December average daily volume of 35,300 contracts. The products hit a record trade day of 60,700 combined contracts on November 24.

Ethereum dropped 9% in the past eight hours, sliding to $2,930 as crypto markets continue to reel from a wave of liquidations.

The pullback comes amid broader weakness across digital assets, with Bitcoin retreating to the mid-$86,000 range.

The selloff intensified as over $670 million in positions were liquidated in the past 24 hours, according to Coinglass data. Longs bore the brunt of the move, accounting for $570 million of total liquidations. Ethereum alone saw $176 million in liquidated longs, while Bitcoin recorded $204 million.

The market has struggled to regain momentum since the October 10 wipeout, with risk appetite remaining low across both majors and altcoins.

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BlackRock deposited 1,198 Bitcoin worth around $110 million and 24,792 Ethereum worth about $78 million to Coinbase Prime today, according to Arkham Intelligence data.

The asset manager’s latest transfers came amid Bitcoin’s rally to $92,000. The digital asset was trading at $91,767 at press time, up approximately 3% in the last 24 hours, per CoinGecko.

BlackRock’s on-chain movements often draw scrutiny given the firm manages the world’s leading Bitcoin and Ethereum investment products.

Its ETFs have shown mixed momentum in recent weeks. The IBIT fund saw $49 million in net outflows last week, while its Ethereum ETF shed $82.5 million, according to Farside Investors.

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BlackRock plans to stake most of its Ethereum holdings through a new exchange-traded fund structure, according to a filing with the Securities and Exchange Commission.

The iShares Staked Ethereum Trust ETF seeks to stake 70% to 90% of its Ethereum holdings under normal market circumstances, the filing shows. The product will hold Ethereum and distribute staking rewards, minus fees, to shareholders at least quarterly.

The trust will use third-party staking service providers selected by the Ether Custodian to operate validators. Coinbase Custody Trust Company will serve as the primary custodian, while Anchorage Digital Bank has been added as an alternative custodian.

The trust may reduce staking if the sponsor determines the activity raises regulatory concerns or risks the trust’s grantor trust tax status. Shares will trade on Nasdaq under the ticker symbol ETHB.

This is a developing story.

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Bitwise Asset Management’s 10 Crypto Index ETF has received SEC approval to begin trading on NYSE Arca as an exchange-traded product, marking a significant step in bringing diversified crypto exposure to traditional exchanges.

The market-cap weighted fund tracks leading digital assets including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, and Chainlink. The SEC issued a notice of effectiveness for the Bitwise 10 Crypto Index Fund, clearing the regulatory path for its NYSE Arca listing.

The approval represents a milestone in making broad crypto index exposure accessible through established exchange structures, offering investors a single product that captures multiple major digital assets rather than individual crypto ETFs.