The rise of bitcoin (BTC) to its highest level since the spring of 2022 has triggered a surge in user activity on spot exchanges. Trading volume soared 187% to $50 billion, according to Block Research.
BTC is trying to break resistance around $35,000. Today, the cryptocurrency is down to $34,200. On a weekly basis, it has strengthened 19%.
According to IntoTheBlock, about 80% of addresses became profitable as a result of the October BTC run.
In parallel, analysts are seeing an increase in institutional demand for bitcoin.
Open interest in futures on the Chicago Mercantile Exchange (CME) exceeded 100,000 BTC, the highest in its history, emphasized analysts at K33 Research.
The CME exchange’s share of the futures market increased by 25%, said K33 Research analyst Vetle Lunde. In his opinion, large capital will be activated in the event that spot bitcoin-ETF crypto funds appear in the United States.
A similar point of view is held by Blockstream CEO Adam Back.
The launch of such an instrument on the U.S. stock market will lead to the fact that the largest cryptocurrency will quickly overcome the main resistance zones and reach $100,000, the expert predicts.