- 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.
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