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Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing
The largest cryptocurrency rose more than 1.3% in the hour after the announcement.
Updated Jun 16, 2023, 4:23 p.m. Published Jun 15, 2023, 9:45 p.m.
Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.
Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC's price sank amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.
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But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.
To be named the iShares Bitcoin Trust, the fund's assets are to "consist primarily of bitcoin held by a custodian on behalf of the Trust," according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.
CoinDesk earlier on Thursday reported on BlackRock's intention to soon file for a bitcoin ETF.
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What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
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- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Copper, gold and bitcoin: A macro signal to watch
The copper-to-gold ratio is breaking higher, a move that has historically aligned with key turning points in bitcoin cycles.
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- The ratio has now broken out from a yearslong decline. Copper’s recent outperformance versus gold may support a bitcoin rally into 2026.
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