Protection against price drops in BlackRock's spot bitcoin BTC $115,288.35 exchange-traded fund (ETF), is now at its priciest since the early April market slide.

Once-bullish crypto traders are warning of billions in potential ether liquidations and fresh downside risks for bitcoin.

The bank reiterated its buy rating on CORZ and raised its price target for the bitcoin miner to $22 from $16 to reflect the CoreWeave acquisition.