Bitcoin, the world’s largest cryptocurrency, has been making headlines recently due to its impressive performance. The digital currency reached a new all-time high of $72,000, and this bullish trend has been accompanied by a surge in open interest and US ETF holdings.
Open interest, which represents the total number of outstanding futures contracts, has reached a new record high. This indicates that more investors are entering the market and taking positions on the future price of Bitcoin.
Moreover, the total value of Bitcoin held by US exchange-traded funds (ETFs) has skyrocketed to $66 billion. ETFs are investment vehicles that allow investors to gain exposure to an asset without directly owning it. The growing popularity of Bitcoin ETFs suggests that more traditional investors are becoming interested in the cryptocurrency.
In summary, Bitcoin’s recent rally to $72,000 has been supported by record-breaking open interest and a significant increase in US ETF holdings. These developments signal a growing mainstream acceptance of the digital currency and point to a bullish sentiment in the market.
