Bitcoin Hits Year’s High With Institutional Interest: BlackRock’s ETF Catalyst

With the influence of corporate interest in cryptocurrencies, Bitcoin (BTC) briefly reached the highest level of the year at $31,000 last week. According to CoinMarketCap, the rally catalyzed by TradFi giant BlackRock’s application for a spot Bitcoin Exchange-Traded Fund (ETF) resulted in a 13.27% increase in the leading cryptocurrency’s value compared to the previous week. Bitcoin Future According to crypto market data provider Kaiko, the rally gained momentum from derivative markets. Open Interest (OI) or the dollar value locked in BTC futures contracts recently hit an annual high, while OI in terms of BTC reached its highest level since January 2023. The price increase, completed with the rise in OI, demonstrated higher capital inflow to the BTC market and increased speculative interest. Moreover, as prices rose, many short position traders expecting price falls closed their positions to limit their losses. This further increased BTC’s price. According to Coinglass, this situation […] The post Bitcoin Hits Year’s High With Institutional Interest: BlackRock’s ETF Catalyst appeared first on COINTURK NEWS.