Bitcoin's Price Rally Leads to $230 Million in Liquidated Bearish Futures Contracts and Increase in Open Interest
The recent surge in Bitcoin's price has resulted in the liquidation of $230 million worth of bearish futures contracts, while the open interest in BTC futures has increased from $13.1 billion to $14 billion. The increase in futures open interest suggests that demand for new leveraged positions outpaced forced closures, indicating a "gamma squeeze" caused by arbitrage desks being forced to hedge short positions. There are several theories circulating on social media, including Changpeng Zhao using BNB as collateral for margin on Venus Protocol to shore up the price of BNB token, but these speculations cannot be confirmed. Despite ongoing speculation regarding the approval of a spot Bitcoin ETF, there is enough evidence to support a healthy influx of funds, justifying a rally beyond the $35,000 mark.
82% of Bitcoin Holders Are "In the Money" with Strong Momentum for Leading Cryptocurrency
Bitcoin's price has reached $34,795, with a 25% increase in just one week. This has resulted in 82% of all Bitcoin wallet addresses being "In the Money", according to data from IntoTheBlock. The majority of Bitcoin holders are long-term holders, with only 11% being classified as "Investors" or "Whales". Despite the high percentage of holders in a profitable position, there is still a possibility of them selling their holdings to secure gains or protect against losses. However, trend signals suggest that the bullish momentum for Bitcoin may continue, with an increase in "In the Money" holders, buy orders on exchanges, and derivatives.
Bitcoin briefly exceeded $35,000, rising 3.6% in 24 hours
According to OKX market data, Bitcoin briefly broke through $35,000 and is currently priced at $34,838, with a 24-hour increase of 3.6%.
Bitcoin rebounds above $34,000, up 9.89% in 24 hours
According to OKX market data on October 25th, Bitcoin rebounded above $34,000 and is currently priced at $34,063.36, with a 24-hour increase of 9.89%.
BlackRock’s Spot Bitcoin ETF Removed from DTCC Website
Stock code IBTC for the BlackRock Bitcoin ETF has been removed from the DTCC website. Cryptocurrency industry expert Gabor Gurbacs explained that it is obvious that certain things can be done in advance (but maybe shouldn't be). In this case, it would be more prudent to verify with regulatory agencies in advance.
Mexico’s third richest man advocates using Bitcoin to protect wealth and fight inflation
According to an interview with Ricardo Salinas Pliego, the third richest man in Mexico and chairman of Grupo Salinas, he discussed the impact of Bitcoin on the economy, especially in Latin America. He said, "Around the world, not just in Mexico or Latin America, we see an increase in inflation tax, which means that people's savings are taken away without their permission, which is very sad, especially for those who rely on this money for retirement. So Bitcoin is a way to prevent this from happening because it will not depreciate." He added, "The importance of Bitcoin lies in its resistance to taxes and many other aspects, but it is specifically applicable to economies with malignant inflation, of which there are several in Latin America."
Over 80% of Bitcoin addresses are in a floating profit state
Glassnode data shows that as of October 23, more than 80% of Bitcoin addresses are now in a state of profit.
K33 Research: CME Bitcoin futures positions exceeded 100,000 BTC for the first time, setting a record high
On October 24th, K33 Research senior analyst Vetle Lunde stated that CME Bitcoin futures added a net increase of 4380 BTC in open interest yesterday, bringing the platform's total Bitcoin futures open interest to a new high of 100,375 BTC. Additionally, CME's market share in the Bitcoin derivatives market has risen to 25%, approaching Binance's 29% market share.
Bitcoin Hits 17-Month Highs as ETF Excitement Boosts Price Action
Bitcoin reached 17-month highs on October 24th due to the excitement around the potential launch of a Bitcoin spot price ETF in the United States. While no official green light has been given, the event is increasingly viewed as a matter of time. Public Bitcoin ETFs worldwide saw the equivalent of 10% of the year-to-date total in inflows over a single 24-hour period. Despite the highs, some traders remain cautious and believe that Bitcoin could nuke lower in Q1 2024 based on the timing of previous price cycles.
Bitcoin Mining Company Crusoe Energy Receives a $200 Million Financing Commitment From Upper90, Which Will Be Used to Purchase Nvidia H100 GPUs
October 24th, Bitcoin mining company Crusoe Energy announced that it has received a $200 million asset-backed financing commitment from investment firm Upper90. The funds raised will be specifically used to purchase more GPUs (Nvidia H100 Tensor Core GPUs) to expand their cloud business.
Top Trader Predicts Promising Position for Bitcoin's Long-Term Rally, Updates Outlook on Ethereum-Based Altcoin
According to trader Dave the Wave, who accurately predicted Bitcoin's May 2021 crash, the cryptocurrency is now in a position to start a new uptrend. Dave the Wave notes that Bitcoin's weekly moving average convergence divergence (MACD) indicator has turned bullish at the zero level, indicating that BTC may be gaining momentum. He also predicts that Bitcoin will rise above the 200-month moving average and rally above the "buy zone" of his logarithmic growth curve model. Additionally, Dave the Wave is keeping an eye on the price action of the decentralized oracle Chainlink, which he believes has the potential to revisit its all-time high.
Bitcoin Jumps to $35K with Options Positioning Suggesting Price Has Further to Run
Bitcoin's price has broken out and reached as high as $35k in the past 24 hours, with the uptick in bullish momentum and high demand from institutional investors contributing to the spike. The majority of Bitcoin short traders were liquidated, leading to a sudden short squeeze.
1,000 BTC Transferred From Unknown Wallet to Bitstamp
According to Whale Alert monitoring, 1,000 BTC (worth $33,860,071) was transferred from an unknown wallet to Bitstamp at 14:29 Beijing time, as reported by DeepTech TechFlow.
Bitcoin Liquidations Reach $178 Million as Prices Surge on ETF Hopes
Traders have lost over $178 million in bearish bets on bitcoin in the past 24 hours as prices surged past a critical resistance level. Bitcoin-tracked futures accounted for almost 50% of the total $400 million in crypto liquidations over Monday, with Binance, Huobi and OKX seeing liquidations worth $50 million each.
BTC Falls Below 34,000 USDT
According to OKX market data, BTC has fallen below 34,000 USDT, currently trading at 33,895 USDT, with a 24-hour increase of 9.90%.
Altcoins Join Bitcoin Party, Pushing Crypto Market Up by 7.5% with Ethereum Leading the Way
The cryptocurrency market is experiencing a surge, with altcoins joining Bitcoin in a 7.5% increase and adding over $150 billion to investors. Ethereum has led the way, gaining 8% and surpassing the $1,800 level, with eyes on reaching $2,000.
Bitcoin Prices Hit 18-Month High Amid Earnings Reports and Economic Data
Investors are expected to remain anxious due to earnings reports from major companies, a busy economic calendar, and concerns over the Israel-Hamas conflict. Bitcoin prices have reached an 18-month high. The Asia-Pacific shares index fluctuated between gains and losses, while European bourses are predicted to open lower. The decline in yields on 10-year notes has impacted the US dollar and provided some relief to the yen.
Matrixport: Bitcoin FOMO Returns and May Reach $45,000 by the End of the Year
On October 24th, encrypted service provider Matrixport stated that the Bitcoin futures funding rate is abnormally high, indicating that many traders are panic-buying Bitcoin and FOMO sentiment is returning. Bitcoin's market share has reached 52.1%, and in the past 24 hours, Bitcoin's trading volume has increased significantly to $29 billion.
Bitcoin Surges on Speculation of Imminent ETF Launch
Bitcoin and other cryptocurrencies continued to surge in Asia trade, with Bitcoin reaching an almost 18-month high on speculation of an imminent exchange-traded fund (ETF). The rise in Bitcoin and crypto-linked shares such as Coinbase Global and MicroStrategy is seen as a result of the potential demand that an ETF would bring.
MicroStrategy’s BTC Holdings Have Generated Approximately $746 Million in Unrealized Profits
Lookonchain monitoring shows that as the price of BTC soars, MicroStrategy's holding of 158,245 BTC ($5.4 billion) has generated approximately $746 million in unrealized profits. Since May 2022, MicroStrategy has purchased 28,560 BTC ($734 million) at an average price of $25,707, which has lowered its average purchase price to $29,582.
