Bitcoin price rose above $ 55 thousand in a short time from $ 50 thousand today. It was stated that the market value exceeded 1 trillion dollars and the increase came with large purchases.
Ki Young Ju, CEO of Crypto Quant, a platform that provides on-chain data, wrote that 1 billion 600 million dollars worth of Bitcoin was bought by market orders in just five minutes by someone or someone. CEO Ju emphasized that this is more like a ‘whale’ purchase, not the purchases that come with the liquidation of short positions.
Strong buys on CME
It has been reported that there are large Bitcoin buyers on the world’s largest futures exchange CME, where Bitcoin futures contracts are traded. It was even noted that the contracts in the CME were trading at a 12.8 percent annual premium over the spot price, triggered by ETF rumors.
On the other hand, the possibility of a Bitcoin ETF approval in relation to the rise is always on the table. Some ETF experts gave the odds of Bitcoin ETF approval in October a 75 percent chance. The ETF, which is expected to be approved, is said to be based on futures contracts rather than an ETF that will invest directly in Bitcoin.
The number one crypto currency is trading at $ 54 thousand 250 as of 17.30 TSI. This level is 20 percent off the $65,000 peak.
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