Bitcoin

Notable

Starting the week with a strong rally, <a href="https://en.coin-turk.com/australias-commonwealth-bank-places-crypto-transactions-on-hold/" data-wpel-link="internal">Bitcoin</a> has been trading around $30,000 for some time now. As of writing, BTC, which is changing hands at $30,040 with a market value of $583.11 billion, is observed to have increased its weekly value by 17.76%.&nbsp; 
<h2 style="text-align: justify;" id="span-data-contrast-auto-bitcoin-s-notable-performance-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Bitcoin’s Notable Performance&nbsp;</h2> 
The world’s largest asset management company, BlackRock’s application for a spot Bitcoin ETF to the SEC, stepping into the cryptocurrency market, caused significant excitement. Vetle Lunde, a senior analyst at K33 Research, stated in a recent investor note, “Approval of a spot Bitcoin ETF would deeply impact the market structure of the largest cryptocurrency by reducing barriers for financial advisors to exposure to Bitcoin.”&nbsp; 
ARK Invest CEO and Chief Investment Officer Cathie Wood recently shared why the company is optimistic about Bitcoin’s price and why it has set a target of $1 million. Wood cited Bitcoin’s ability to manage counterparty risk associated with the traditional financial system as a reason why it has the potential to perform better even in a deflationary environment.&nbsp; 
<h2 style="text-align: justify;" id="span-data-contrast-auto-expiry-of-bitcoin-options-today-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Expiry of Bitcoin Options Today&nbsp;</h2> 
Despite the fact that the Bitcoin price dropped to $24,700 after the SEC sued the world’s largest cryptocurrency exchanges, <a href="https://en.coin-turk.com/four-hot-altcoins-in-the-spotlight-recent-trends-and-near-term-predictions/" data-wpel-link="internal">Binance</a> and Coinbase, earlier this month, the largest cryptocurrency quickly recovered, igniting a downtrend in options markets.&nbsp; 
According to data from the world’s largest crypto options exchange, Deribit, the put-to-call ratio in Bitcoin options is currently 0.82, with $415 million worth of call options against $300 million worth of put options. This implies a predominance of buyers. In particular, Bitcoin’s 10% rise in just two days caught investors off guard who positioned for a decline, which could account for the lower number of put options.&nbsp; 
<img decoding="async" loading="lazy" class="aligncenter wp-image-85747 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-37.png" alt="" width="1406" height="744" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/btc-37.png 1406w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-37-300x159.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-37-768x406.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-37-1200x635.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/06/btc-37-766x406.png 766w" sizes="(max-width: 1406px) 100vw, 1406px"> 
Meanwhile, it seems likely that investors who have a long position in Bitcoin will make a profit of $250 million at the end of today’s expiry. Depending on the BTC price range, possible scenarios in the options markets are as follows:&nbsp; 
The post <a rel="nofollow" href="https://en.coin-turk.com/bitcoin-gears-up-for-its-strongest-weekly-close-since-march-amid-key-institutions-etf-moves/" data-wpel-link="internal">Bitcoin Gears Up for Its Strongest Weekly Close Since March Amid Key Institutions’ ETF Moves</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Gears Up for Its Strongest Weekly Close Since March Amid Key Institutions’ ETF Moves

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