Bitcoin and Crypto Market Surge
In the last 24 hours, Bitcoin experienced a 2% surge, leading the broader crypto market into a bullish trajectory. The market capitalization swelled to $1.18 trillion, while Bitcoin’s dominance increased to 50.63%. Altcoins like PEPE, SHIB, HBAR, TON, SNX, and SOL also saw significant gains.
Insider Sources Suggest Bitcoin ETF Approval
BlackRock and Invesco insiders revealed that the approval of a Bitcoin ETF is likely in the next four to six months, sparking optimism and speculation. The news triggered whale activity in the market, with giga long positions opened at $29k.
Open Interest Reaches Year-to-Date Peak
The Open Interest, representing open long and short positions, reached $10.086 billion, indicating a strong correlation with Bitcoin’s price. The recent dip in Bitcoin’s price presented an opportunity for traders to adopt a bullish stance.
Coinbase Premium and GBTC Discount
Julio Moreno noted a rise in Coinbase’s premium, suggesting increasing Bitcoin demand in the US. The narrowing discount of GBTC also indicates potential success against the SEC’s lawsuit and the likelihood of a Bitcoin Spot ETF approval.
Short Squeeze and Whale Involvement
The market euphoria led to a short squeeze, with $37.19 million liquidated in BTC shorts. However, the rise was primarily driven by spot markets and the involvement of whales.
Hot Take: The surge in the crypto market, driven by positive news and whale activity, indicates increasing optimism and potential for further growth. The approval of a Bitcoin ETF and strong market indicators suggest a bullish trajectory for Bitcoin and altcoins.
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