- The open interest of Binance and CME Bitcoin futures hit a record high of $9.2 billion when combined.
- Bitcoin investment products saw an inflow of over $70 million last week, ahead of the ETF approval by the SEC.
- Analyst sets a target of $250,000 for the end of the ongoing BTC bull run, based on performance since halving.
The launch of ProShares Bitcoin ETF has analysts predicting a target of $250,000 for the end of the cycle. Crypto traders have waited a long time to launch the Bitcoin futures ETF, and the upcoming rollout has triggered a rally in BTC price.
Institutional interest in BTC explodes ahead of ProShares ETF launch
Open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) is considered an indicator of institutional interest in BTC. According to data from Bybt, a cryptocurrency derivatives analytics platform, open interest on Binance hit a high of $5.4 billion. A new all-time high on CME hascrossed $3.7 billion.
CME BTC Futures Open Interest.
Binance BTC Futures Open Interest.
In light of rising institutional investment, there is a spike in investment inflow in Bitcoin. Last week, Bitcoin futures observed an inflow of over $70 million as investors anticipated the Securities & Exchange Commission’s (SEC) approval of the ProShares ETF. This is the fifth consecutive week of inflows in Bitcoin investment products.
James Butterfill, investment strategist at Coin Shares, offered his positive outlook on the SEC’s approval of a Bitcoin ETF:
The recent decision by the SEC to allow a futures-based ETF in the United States could prompt further significant inflows in the coming weeks as US investors begin to add positions.
Kevin Svenson, a cryptocurrency analyst, evaluated Bitcoin price performance since the third halving and since the April 2021 all-time high. Svenson has set a target of $250,000 for BTC price based on Bitcoin performance since market top.
#Bitcoin Cycle Metrics w/ Price Targets
— Kevin Svenson (@KevinSvenson_) October 19, 2021
1.) Performance Since Halving
2.) Performance Since Market Top
The the downward trajectory in each image gives us an idea of what the likely end of bull run price target will be.
Which will it be? You tell me!
Comment your thoughts! pic.twitter.com/h1sOmbdSbk
FXStreet analysts have evaluated the BTC price trend and predicted that the asset would continue to invalidate bearish theses since it crossed $58,500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.