The Bitcoin price appears to have been following a predetermined path since the rebound it triggered at the beginning of 2023. Regardless of the bearish influence, the star crypto maintained a healthy upswing that indicated the accumulating strength of the bulls. However, the bulls are yet to use their strength, which could get a larger boost due to some external factors.
Bitcoin ETF Could be Round the Corner!
Blackrock recently dropped a bombshell; an insider confirmed the approval of a spot Bitcoin ETF, which it had reapplied for a few weeks ago. Galaxy Digital CEO Mike Novogratz revealed that his contacts at Blackrock and Invesco have assured him of the approval of an ETF. However, the CEO believes the approval may take another four to six months. With this, the markets are expected to explode and rise beyond anyone’s imagination.
Whales Opened Huge Long Positions
With Bitcoin prices displaying some momentum, the whales appear to have become more optimistic in recent times. As per the data from a popular on-chain platform, Cryptoquant, huge buying volumes have been recorded on various exchanges. These trades are speculated to be carried out by the whales, who have opened a giga position on most of the exchanges at $29,000.
Massive Rise in the Open Interest on Binance
Open interest is a tool that tracks the total number of Open positions in a particular contract. It measures the money flow into or out of a futures or options market. Presently, the Bitcoin open interest on Binance is at its highest point since the FTX collapse. This suggests a massive influx of new or additional money is flowing into the market. As per a popular analyst, Daan Crypto Trades, it has seen a $550 million+ increase in the past day alone.
Collectively, the Bitcoin bear market appears to have reached the climax, as the prices display acute strength. With the approval of the Spot ETF, analysts believe the Bitcoin price may trigger a huge bull run after gaining wider adoption and attention.
