Injective (INJ) price has been on a 48% tear since Blackrock filed a Bitcoin ETF application with the SEC on June 15. On-chain data shows that long-term investors are doubling down on their bullish positions. Is Blackrock ETF driving INJ to $10?

Injective is a unique DeFi protocol allowing users to trade on diverse derivative markets using off-chain and on-chain price feeds. 

Blackrock’s Bitcoin ETF filing has sparked renewed interest in the crypto derivatives market. Large institutional firms like Wisdom Tree and Invesco have also thrown their hats in the ring.

The close correlation with the recent INJ price uptrend suggests that the Blackrock ETF application may be a major driver behind the ongoing Injective rally. 

Can the bulls ride this bullish momentum to crack the $10 milestone for the first time since December 2021?

Injective Long-Term Holders Have Regained Confidence

On-chain data compiled by Santiment indicates renewed confidence among long-term investors holding Injective. As seen below, the INJ Mean Coin Age began to trend upward around June 20, a few days after news of the Blackrock ETF filing broke. 

Mean Coin Age evaluates the Go to Source to See Full Article
Author: Ibrahim Ajibade

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