CME’s Open Interest Contracts Rebound to January Peak, Bitcoin Soars to $52K, Market Cap Hits $1 Trillion
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Bitcoin at 52K, Market Cap Reaches 1 Trillion USD
Is Bitcoin ETF and CME Trading the Key to Growth?
Bitcoin at 52K, Market Cap Reaches 1 Trillion USD
According to CoinMarketCap, the price of Bitcoin has reached the 52K level again after a two-year gap, with a high of 52.5K. As of press time, it was at 52,132 USD, with a 24-hour increase of approximately 5.78%, and a market cap of 1.023 trillion USD.
Ether, on the other hand, reached a high of 2,828 USD, and as of press time, it was at 2,797 USD.
The total market cap of cryptocurrencies is approaching 2 trillion USD (1.94 trillion USD), with Bitcoin’s market dominance at 52.5% and Ether at 17.2%. The total trading volume in the crypto market is 92.6 billion USD, with a 24-hour increase of 23.38%.
Is Bitcoin ETF and CME Trading the Key to Growth?
Previous reports have shown a high net inflow of Bitcoin spot ETFs recently, with a continuous net inflow of over 400 million USD since 2/8.
DLNews quoted the opinion of K33 Research analysts, stating that besides the impact of Bitcoin ETFs, the significant increase in trading activity on the Chicago Mercantile Exchange (CME) is also crucial. The open interest of Bitcoin futures on CME increased by 24% last week, reaching a peak similar to before the approval of ETFs.
K33 Research stated:
Market participants have re-entered the market, and they are paying attention to the strong momentum brought by the flow of ETFs. This can be seen from the increase in the share of open interest on CME from 46% to 55% by active market participants in the past week.
Source: coinglass
At the same time, Bitcoin is also facing selling pressure from bankrupt institutions like Genesis. However, Andrew Kang, Co-founder of Mechanism, recently emphasized with data that these sell-offs are not worth mentioning compared to the profound impact of Bitcoin spot ETFs on prices.
(Genesis has received court permission to sell over 1.3 billion USD of GBTC.)
ETF
Ether
Bitcoin
Further Reading
History Repeating? ETH/BTC Falls Below the Low Point of Two Years Ago, Can It Replicate the 2020 Halving Trend?
News: Concerns of SEC on ETFs Resolved by Industry Players, But Ether ETF Still Remains Unknown.
