2024

Bitcoin ETF

Bitcoin

Notable

The beginning of 2024 has witnessed a significant surge in Bitcoin activity, attributed to the potential approval of a <a href="https://news.todayq.com/bitcoin-etf-approval-coming-this-week-fox-journalist-drops-hint/" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> (Exchange Traded Fund) in the coming days. This heightened activity is identified through Bitcoin’s open interest, which has recently surged as we approach the approval of the Bitcoin ETF. Notable gain in Bitcoin’s Open Interest in 2024 
According to recent data from IntoTheBlock, an on-chain analytics firm, the current open interest for Bitcoin ranges between $11.45 billion and $11.5 billion. This open interest data highlights that the market is moving toward a crowded trading zone, with everyone interested in crypto continuously taking positions as indicated by this data. This data is also shared by a prominent crypto analyst Ali on X.
With
The increase in open interest suggests heightened trading activity by crypto traders and investors, potentially signaling increased market volatility.
This open interest value represents a combination of long and short positions in a trade, with the present value hovering around $11.5 billion. It is anticipated that this figure could double or triple on the day when the spot Bitcoin ETF receives approval from the Securities and Exchange Commission (SEC). Understanding Open Interest dynamics in the Crypto market 
Moreover, this surge in open interest is not an isolated occurrence; similar data was also observed at the beginning of December 2023. The value of Bitcoin’s open interest continues to rise, mirroring the upward trajectory of Bitcoin’s price. Currently trading near $45,400, Bitcoin hasexperienced a notable 6% upside momentum in the last 24 hours. The significant price surge is attributed to Bitcoin breaking out of its consolidation zone and the potential approval of the spot Bitcoin ETF. 
However, when examining the price of BTC over a more extended period, it becomes evident that in the last 7 days, BTC hasn’t shown much movement as it was consolidating. Nevertheless, this breakout has led to a surge of more than 6%. Furthermore, in the last 30 days, Bitcoin has experienced a significant upside momentum of over 17%.
The heightened interest surrounding the Bitcoin ETF is attracting both substantial and dormant investors. This ETF buzz has alleviated fears among investors, leading to a massive surge of over 5% in the global crypto market cap, reaching $1.74 trillion.
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Bitcoin Open Interest nears $11.5 Bln, Volatility or smooth ride for crypto?

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