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As if nothing has happened, BTC has just renewed his Haussier rally. After the worrying fall of this winter, the King of Kryptos returns not only to his record of December 2024 for $ 108,000, but easily exceeds him to reach a new ATH for $ 111,000. This record created excitement among traders who opened a record number of positions.
In short
- The BTC reaches a new summit to $ 111,000 after an increase in five weeks, which easily exceeds its previous December ATH.
- Eferventcence of traders moves open interest to a record $ 80 billion, but long positions risk brutal correction.
- Massive Bitcoin Bitcoin Inflow ETF with net items $ 934 million per day, including $ 877 million only for Blackrock.
Back to spring BTC
After reaching $ 108,000 in December and approaching it in January, the BTC price experienced a significant decline this winter. With a local Bitcoin day at $ 76,000 at the beginning of April, the crypto market experienced a difficult month, a significant contrast with a time when 10,000 BTCs were enough to buy two pizza.
Despite the uncertainties of the global geopolitical situation and the consequences of the customs tariffs led by Donald Trump, the BTC has captivated the ascending trend for more than a month. After five consecutive weeks of growth, this week was achieved by December ATH. But by far the resistance to the BTC increase, this summit was easily exceeded to reach $ 111,000 yesterday. Although the BTC has undergone a slight correction, the level of record interest observed on the term markets suggests that the BTC undoubtedly did not reach the final peak of this cycle.
The madness of traders
The approach of this new summit, of course, after these months of darkness awakened the taste of traders. As they expected a set of increase, they opened long positions in bitcoins, while the shorts were gradually liquidated. The open interest, which measures the total position of positions in the long run, has also achieved a $ 80 billion record according to Coinglass. Since the beginning of May, there has been a 30% increase in open interest, showing the sparkling of traders.
This madness, which has seized the market around Bitcoins, can have the consequences of its course. If the liquid decreases too quickly, there is a risk of having a vicious circle that causes the price of bitcoin to go even more.
Contract worth approximately $ 2.76 billion must expire 23.
Request supported ETF
Although the explosion of derived contracts on Bitcoin weakens its course, the demand in the ETF has the opposite effect and will be able to stabilize the price of BTC. On Thursday 22 May was a record day for ETF with 934 million net contributions.
Blackrock continues to dominate this market because it is its iBAs (Ishares Bitcoin Trust ETF Fond), which concentrates a large part of these contributions with 877 million and has accumulated $ 47.55 billion since the beginning of the evaluation in January 2024.
Although it remained much lower than the BTC market, the Ethereum market also had a very nice day with net records of $ 110 million yesterday.
After yesterday’s new record record, the BTC experienced a slight correction of up to $ 108,000 and liquidated more than 300 million long positions this morning. It seems that the former ATH is currently resisting the pressure of shorts, which could make it a new medium to use ascending trend next week.
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Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.