Bitcoin Prices Surging: Bullish ETF Traders Excited

By Lola Coin Jun 28, 2023125Views

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Bitcoin ETFs have regained popularity among crypto derivatives traders, while Ethereum-based products have lost appeal due to lackluster price performance. BlackRock’s spot Bitcoin ETF application has sparked interest among traders, leading them to flock back into Bitcoin exchange-traded products. Calls for Bitcoin contracts are dominating the market, indicating that traders expect BTC prices to rise. On the other hand, Ethereum contracts are being sold as the asset’s price momentum has been weaker compared to Bitcoin’s recent rally. BTC options open interest is currently high, with $3.3 billion worth of contracts set to expire on June 30. Bitcoin has seen a 17% gain in the past two weeks, reaching a new high of $31,185, while Ethereum has only gained 7% and remains below $2,000.

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