The demand for Bitcoin has surged among traditional finance firms amid bullish attitude in the market surrounding the possible approval of a spot Bitcoin ETF. This indicates a bullish view regarding the $40,000 price of BTC.
On November 10, a significant rush for Bitcoin futures on the Chicago Mercantile Exchange (CME) caused Binance’s futures markets to flip, demonstrating the market’s appetite for the cryptocurrency.
The open interest in Bitcoin futures on CME is currently close to $4.4 billion, the largest since the cryptocurrency’s all-time high of $69,000 in November 2021. According to Coinglass data, it has been steadily rising since October 13 and has more than doubled during November.
The startling 125% increase in BTC futures open interest on CME shows major transitional finance institutions are not passing up the opportunity to invest in cryptocurrency.
Although the price of Bitcoin has increased from $26,000 to the current market price of $37,600 throughout this time, it is evident that the sharp increase in futures open interest is intended to push the price of BTC above the $40,000 threshold before it appears.
The spike in the Bitcoin market is mostly supported by the community’s present hope that the SEC will soon approve a spot Bitcoin ETF, which is highly anticipated.
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