Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Kemarit on March 30, 2024, 12:02:56 AM
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And so institutions are not yet done,
On Friday, March 29, 2024, the combined open interest in bitcoin futures reached a new all-time peak of $37.55 billion. This uptick occurs amid buoyant bitcoin markets and a growing attraction from institutional investors.
https://news.bitcoin.com/bitcoin-futures-open-interest-hits-record-37-55-billion-with-cme-leading-the-pack/
So that is a big number to see and with this kind of interest to the market, this bull run might be very different. I mean obviously, it has change the cycle, as we reach new all time high pre-halving. But with this kind of enthusiast from whales and Wall Street, we could really be in for at least 6 digits as our new all high this bull cycle.
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Bitcoin has been at $70000 or prices that are slightly lower or higher. If it is $30000 remaining for the price to get to six figures. You can see how the market can be very volatile at times in a way that bitcoin can gain over $10000 in price in just a day or 2. I know the day bitcoin will get to six figures is getting nearer day by day and I do not still think it will surpass this year. Hodl.
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It is not a good sign, as this $37.55 Billion will inevitably put pressure on the Bitcoin market in order for a correction of some kind to occur when these contracts approach their expiration date. The daily trading volume is around 25 billion, so I expect a correction to occur as the date of their closing approaches, but in general, the more betting in the market. Futures are an indication of the entry of more liquidity into the spot market, whether negatively or positively.